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Glossary of Terms

Beneficiary
Person for whom a trust is created.

Charitable Remainder Trust ("CRT")
Trust that makes distributions to a named non-charitable beneficiary with the remainder going to a charitable beneficiary.

Communication
Being able to speak openly, honestly, and freely concerning information sought by other family members.

Estate Tax
Federal tax imposed on a decedent’s estate.

Family Mission Statement
A written document that states the family’s agreed-upon purpose for the family wealth.

Fiduciary
Person or financial institution named or appointed trustee, executor or in another capacity where such person or institution is entrusted with ownership and responsibility for trust property held for the beneficiary of the trust.

Income Beneficiary
Beneficiary entitled to receive income from a trust.

Insurance Trust
Trust which holds a life insurance policy as an asset.

Living Trust
Trust created and operational during the lifetime of the Trustor.

Perpetual Trust
Trust intended to remain in existence permanently or as long as permitted by law.

Philanthropy
A means of giving away family resources via a family foundation, donor advised fund, community foundation, or specific charitable contributions; often used as a teaching/learning tool for children of affluent families

Post-Transition Estate Planning™
Preparatory work done before the estate transitions to heirs and beneficiaries, including planning for the assets and making sure the receivers of those assets are prepared to receive and manage those assets.

Probate
Court supervised administration and settlement of an estate.

Remainder Beneficiary
Beneficiary of a trust entitled to the trust assets after the term providing for another beneficiary has ended, most commonly where the prior beneficiary has passed away.

Trust (“pre-transition”)
A fiduciary relationship in which an individual or institutional trustee (or both as co-trustees) becomes the holder of legal title to property held in the trust, with the responsibility to hold and manage the property for the benefit of the beneficiaries of the trust.

Trust (“post-transition©”)
The composite of three necessary elements to achieve successful family harmony:

• Reliability. Can family members be relied upon to do what they say they are going to do, and when and how they say they would?
• Sincerity. Do family members mean what they say? Does their inside intention match their outside declaration, in both content and intensity?
• Competence. Do family members have the ability to carry through with their promise? Are they able to do what they promise?

Trustee
The individual or institution holding legal title to property held in trust for the benefit of the beneficiaries named in the trust.

Trustor
The person who creates the trust.

Wealth
Includes assets in all forms, from cash to bonds to ownership interests, real property, even family name, reputation and influence in the community.

Will
A legally enforceable declaration of an individual’s wishes regarding disposition of assets upon the individual’s death.