Estate Planning Glossary

Creator

See Grantor.

Credit Shelter Trust

A Trust that uses an individual's available exclusion for federal estate and gift tax purposes.

Disclaimers

The refusal or rejection of any rights, interest or property that was offered to a person. Taxpayers have a limited time to disclaim a gift or a bequest/devise without potentially incurring transfer taxes.

Durable Power of Attorney

See Power of Attorney.

Form 706

IRS Estate Tax Return

Form 709

IRS Gift Tax Return

Form 1041

IRS Esate and Trust Income Tax Return

Grantor

The person who sets up or creates the trust; also called settlor, trustor or creator.

Inter Vivos Trust

Another name for a living trust. (See Living Trust.)

Intestate

Describes one who dies without a will. Typically, state statutes will then dictate the distribution of assets.

Personal Representative

Another name for an executor or administrator

Power of Attorney

A legal document that gives someone else full legal authority to make decisions on your behalf in your absence (different from the fiduciary duty of a trustee). Ends at disability or death. Some states permit a durable power of attorney that is valid through disability and ends at death. Limited powers of attorney give someone else only limited authority for a very specific purpose.

Probate Guardianship

The court-supervised appointment of a person to oversee the personal matters (guardian of the person) or the financial matters (guardian of the estate) of a person unable to manage their affairs because of incompetency or age.

Qualified Terminable Interest Property (Q-TIP Trust)

A marital trust that qualifies for the estate or gift tax marital deduction. Provides for the trust creator's spouse during his/her lifetime, and then distributes as directed by the trust creator.

Real Property

Land and/or property that is permanently attached to land (such a a building or house).

Settlor

See Grantor.

Tenancy-by-the-Entirety

A form of joint ownership involving two spouses. Upon death of a spouse, ownership transfers to the surviving spouse. Not available in all states.

Tenancy-in-Common

A form of joint ownership involving two or more persons. Upon the death of a tenant-in-common, that person's ownership interest transfers to the designated beneficiaries or heirs, not to the remaining joint owner(s).

Testate

Describes one who dies with a will.

Testator

One who creates a will.

Important Information:

Trust and related services are provided by Edward Jones Trust Company, an affiliate of Edward D. Jones & Co., L.P. (Edward Jones), a registered broker-dealer. Edward Jones Trust Company and Edward Jones are subsidiaries of the Jones Financial Companies, L.L.L.P. Edward Jones Trust Company may use Edward Jones or other affiliates to act as a broker-dealer for transactions or for other services. Payments of such services may be charged as an expense to the trust and will not reduce the amount of fees payable to Edward Jones Trust Company.

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