Grantor: Person who establishes a trust. Also knows as the settlor.

Trustee: The individual or entity responsible for managing and distributing trust assets.

Testator: Person who dies after having established a Will.

Executor: The person whom the testator appointed in their will to administer their estate.

Administrator: The court-appointed person who administers the estate of a person who dies intestate (without a will).

Trust: An agreement that is entered into between a grantor and a trustee (who is often times the same person), to hold property in the Trustee's name and administer the property according to the grantor's wishes as expressed in the agreement creating the trust.

Revocable Living Trust: A trust established during a person's life which may revoked or amended by the Grantor during his life. This type of trust is often used in estate planning.

Irrevocable Trust: A trust that is irrevocable after creation. This type of trust is often used in connection with the purchase of Life Insurance as a way to minimize estate taxes.

Testamentary Trust: A trust that is created under a Will that is subject to the continuing jurisdiction of the probate court. This type of trust is not used very often because the Trustee is required to make periodic accounting to the probate court and request approval for certain distributions.

Living Will: Document stating that you do not wish to receive life sustaining treatment if you are in a permanently unconscious state with no reasonable chance of recovery. This document will override any decision made by the person holding a health care power of attorney.

Health Care Power of Attorney: Document that provides another person with the authority to make health care decisions for you or access health care information for you if you ever became incapacitated or incompetent. This can help to avoid the need to have a court-appointed guardian over yourself in such a situation.

General Power of Attorney: Document that gives another person the authority to make financial decisions, enter into transactions, and obtain information on your behalf. Such documents can take effect immediately, or upon your becoming incapacitated (known as a "springing power of attorney"). If it remains in effect during your incapacity, it is known as a Durable General Power of Attorney.

Intestate: Person who dies without a will is said to have died intestate.

Probate: The court-supervised process by which the administrator or executor of an estate collects all assets of the testator, pays all debts and taxes for testator and the estate, and distributes all remaining property to testator's beneficiaries.