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Glossary of Terms

A PERSON WHO RECEIVES A POWER TO ACT OR AN
INTEREST IN REAL ESTATE FROM ANOTHEREXECUTOR

 

A PERSON NOMINATED IN A WILL TO MANAGE AND DISTRIBUTE A PROBATE ESTATE. . BECOMES A PERSONAL REPRESENTATIVE AFTER COURT AUTHORIZATION

     

ACCOUNT

 

SPELLS OUT WHAT FIDUCIARY RECEIVED, DISBURSED, AND HAS LEFT ON HAND. WHAT WAS DONE WITH ASSETS AND MONEY.

 
     

ADMINISTRATION

 

TAKING POSSESSION OF ASSETS, PAYING BILLS, COLLECTING INCOME, ACCOUNTING FOR SAME ALL AFTER APPOINTMENT OF GUARDIAN, CONSERVATOR, PERSONAL REPRESENTATIVE OR TRUSTEE

     

ADMINISTRATOR

 

A PERSON WHO MANAGES AND DISTRIBUTES A PROBATE ESTATE WHERE DECEASED LEFT NO WILL

     

ATTORNEY

 

THE ONE THAT KNOWS THE LAW, FILLS OUT THE PAPERS, AND HOW TO GET YOU THROUGH THE PROBATE OR ESTATE PLAN

     

ATTORNEY

 

ONE WHO IS PUT IN STEAD OF ANOTHER.

     

ATTORNEY AT LAW

 

A PERSON WHO IS AN ADVOCATE OR COUNSEL EMPLOYED IN TRYING CASES IN THE COURT

     

ATTORNEY IN FACT

 

A PERSON WHO EXERCISES POWER OR AUTHORITY IN ACTING ON BEHALF OF ANOTHER

     

BAR

 

THE RAIL SEPARATING THEPUBLIC FROM THE JUDGE AND ATTORNEYS AND JURY INVOLVED IN THE TRIAL

     

BENCH

 

THE JUDGES SEAT

     

BENEFICIARY

 

PERSON WHO GETS THE INCOME OR PRINCIPAL FROM THE TRUST

     

BILL OF SALE

 

TRANSFERS TITLE TO MOST PERSONAL PROPERTY

     

BOND

 

INSURANCE TO REPLACE THE VALUE OF THE ESTATE IF THE CONSERVATOR OR PERSONAL REPRESENTATIVE ABSCONDS WITH THE ESTATE

     

BREACH OF FIDUCIARY DUTY

 

FAILURE TO ACT IN A MANNER OF CARE THAT PERSONS OF ORDINARY JUDGMENT AND INTELLIGENCE WOULD ACT IN THE MANAGEMENT OF THE AFFAIRS OF SOMEONE ELSE.

     

CERTIFICATE OF TITLE

 

STATEMENT OF OWNERSHIP OF AN ASSET USUALLY ISSUED BY A GOVERNMENTAL AGENCY

     

CITATION

 

COURT COMPELLING YOU TO APPEAR AND ANSWER QUESTIONS

     

CLAIMANT

 

A PERSON THAT SAYS THE DISABLED OR DECEASED PERSON OWES HIM SOMETHING

     

CONSENT

 

SAYS YOU WISH TO MAKE NO OBJECTION TO THAT WHICH IS CONSENTED TO

     

CONSERVATOR

 

COURT APPOINTED PERSON TO MANAGE DISABLED PERSONS MONEY OR PROBATE ASSETS

     

COUNSELOR

 

AN OLDER ATTORNEY OR ADVISOR THAT TRIES THE CASE. (ATTORNEY AS YOUNGER MEMBER OF THE BAR)

     

DEATH TAX

 

AN ESTATE TAX OR INHERITANCE TAX

     

DECREE OF DISTRIBUTION

 

THE COURT'S WAY OF TRANSFERRING TITLE TO THE DEVISEE OR HEIR

     

DEED

 

TRANSFERS TITLE TO REAL PROPERTY(LAND AND BUILDINGS)

     

DEVISEE

 

A PERSON NAMED TO RECEIVE SOMETHING FROM DECEDENT'S PROBATE ESTATE (IN DAYS GONE BY A DEVISEE RECEIVED REAL ESTATE AND A LEGATEE RECEIVED CASH OR PERSONAL PROPERTY)

     

DOCUMENT

 

A WRITING WITH LETTERS, FIGURES, PHOTOGRAPHS OR MARKS WHICH MAY BE USED FOR EVIDENCE TO PROVE A FACT

     

DRAFTSMAN

 

A PERSON THAT COMPOSES A LEGAL DOCUMENT LIKE A WILL

     

DUTY

 

A RIGHT IN ONE PERSON WHICH CAUSES A CORRESPONDING RESPONSIBILITY OR DUTY TO ACT (OR REFRAIN FROM ACTING) IN ANOTHER PERSON.

     

ESTATE

 

ALL OF A PERSON'S MATERIAL POSSESSIONS AND CLAIMS AGAINST OTHERS.

     

ESTATE PLAN

 

WHO AND HOW MONEY AND ASSETS ARE TO BE MANAGED WHILE DISABLED AND HOW AND WHO GETS ASSETS AFTER DEATH.

     

ESTATE TAX

 

TAX ON THE DECEDENT'S RIGHT TO LEAVE HIS PROPERTY TO WHOM HE WANTS

     

FIDUCIARY

 

GENERICALLY, AN EXECUTOR, ADMINISTRATOR, PERSONAL REPRESENTATIVE, CONSERVATOR, GUARDIAN, TRUSTEE, ATTORNEY IN FACT

     

FIDUCIARY RETURN

 

INCOME TAX RETURN FILED BY FIDUCIARY FOR A PROBATE ESTATE OR TRUST

     

GRANTEE

 

A PERSON WHO RECEIVES A POWER TO ACT OR AN INTEREST IN REAL ESTATE FROM ANOTHER

     

GRANTOR

 

A PERSON WHO TRANSFERS AN INTEREST IN REAL ESTATE OR A POWER TO ACT TO ANOTHER

     

GUARDIAN

 

COURT APPOINTED PERSON TO MANAGE DISABLED PERSONS HEALTH CARE, PLACE OF RESIDENCE OTHER PERSONAL ASPECTS OF LIFE. NOT MONEY OR ASSETS

     

HEIR

 

PERSONS NEAREST TO DECEASED RELATED BY BLOOD OR ADOPTION

     

INDEPENDENT TRUSTEE

 

TRUSTEE THAT MAKES PAYMENTS OF DISCRETIONARY INCOME AND PRINCIPAL (TAX DRIVEN)

     

INHERITANCE TAX

 

TAX ON THE DEVISEES OR BENEFICIARIES RIGHT TO RECEIVE AN INHERITANCE

     

INSTRUMENT

 

A FORMAL OR LEGAL DOCUMENT SUCH AS A WILL, DEED OR CONTRACT. FORMAL EXPRESSION TO A LEGAL ACT OR AGREEMENT TO CREATE OR TERMINATE A RIGHT

     

INTERESTED PARTY

 

A PERSON HAVING A CLAIM AGAINST DECEASED, A RIGHT TO INHERIT, OR NAMED IN WILL AS A DEVISEE

     

LAPSE

 

TIME'S UP. A TERMINATION OF A RIGHT, DUE TO NEGLECTING TO EXERCISE IT WITHIN A PRESCRIBED TIME

     

LAUGHING HEIR

 

PERSON RECEIVING SOMETHING FROM DECEDENT'S PROBATE ESTATE USUALLY WHEN THE DECEASED LEFT NO WILL AND NO CLOSELY RELATED HEIRS

     

LAWYER

 

A PERSON LEARNED IN THE LAW, A PERSON LICENSED TO PRACTICE LAW

     

NOTICE

 

A WRITING DESCRIBING THE CONTENTS OF A PETITION AND GIVING THE DATE AND TIME OF HEARING SO THAT YOU MAY APPEAR TO ENFORCE YOUR RIGHTS IF ANY

     

ORDER

 

THE COURT'S DECISION ABOUT A PETITION

     

PERSONAL REPRESENTATIVE

 

WHAT AN EXECUTOR OR ADMINISTRATOR BECOMES FOLLOWING COURT AUTHORIZATION

     

PETITION

 

ASKS THE COURT TO DO SOMETHING REGARDING A WILL OR TRUST

     

POUR OVER WILL

 

A SPECIAL WILL USED WHEN THE MAIN ESTATE PLAN IS ACCOMPLISHED THROUGH USE OF A TRUST. ALL PROBATE PROPERTY WILL THEN PASS INTO THE TRUST.

     

POWER OF ATTORNEY

 

GIVES ATTORNEY IN FACT CERTAIN AUTHORITY OR POWER TO DO WHAT ONLY YOU PERSONALLY COULD OTHERWISE DO

     

PRINCIPAL

 

A PERSON WHO GIVES CERTAIN POWER AND AUTHORITY TO ANOTHER TO ACT FOR HIM

     

PROBATE

 

A COURT PROCEEDING TO APPOINT A GUARDIAN OR CONSERVATOR OF A MINOR OR DISABLED PERSON,

    

PROBATE ESTATE

 

ALL OF A PERSON'S MATERIAL POSSESSIONS AND CLAIMS AGAINST OTHERS WHICH ARE SUBJECT TO PROBATE

     

SCRIVENER

 

THE ONE WHO PHYSICALLY WRITES THE LEGAL DOCUMENTS

     

SETTLOR OR GRANTOR

 

PERSON WHO TRANSFERS MONEY OR ASSETS INTO A TRUST

     

SUCCESSOR TRUSTEE

 

REPLACEMENT FOR PREVIOUS TRUSTEE

     

TAX ON THE DEVISEE'S OR BENEFICIARIES RIGHT TO RECEIVE AN INHERITANCE.DEATH TAX

 

AN ESTATE TAX OR INHERITANCE TAX

     

TESTAMENT

 

WILL

     

TESTAMENTARY CAPACITY

 

WHEN YOU KNOW WHO YOUR ERROR ARE AND WHEN YOU KNOW THE NATURE AND EXTENT OF YOUR ASSETS AND KEEPING IT ALL IN MIND IN ORDER TO WRITE A WILL

     

TESTATOR

 

A PERSON WHO WRITES A WILL

     

TRUST

 

A CONTRACT THAT TELLS A TRUSTEE HOW TO MANAGE AND DISTRIBUTE MONEY AND ASSETS HELD IN TRUST

     

TRUSTEE

 

PERSON WHO MANAGES AND DISTRIBUTES TRUST ASSETS ACCORDING TO TRUST INSTRUMENT

     

WHEN YOU KNOW WHO YOUR HEIRS ARE AND WHEN YOU KNOW THE NATURE AND EXTENT OF YOUR
ASSETS AND KEEPING IT ALL IN MIND IN ORDER TO WRITE A WILLIRREVOCABLE LIFE INSURANCE TRUST (ILIT)

 

AN IRREVOCABLE TRUST ESTABLISHED TO RECEIVE A LIFE INSURANCE POLICY. PURPOSE IS TO EXCLUDE FROM TAXABLE FEDERAL ESTATE

     

WILL

 

SAYS WHO GETS TESTATORS PROPERTY AFTER DEATH

     

WITNESS

 

A PERSON WHO SAW ANOTHER PERSON MAKE A PLAY

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Dennis J. Van Orden, Ltd.
Metropoint Suite 654(formerly Interchange Tower)
I‑394 and US 169
600 South Highway 169
Minneapolis, MN 55426
Phone: (952) 544-9727
Phone: (763) 545-1014
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