Trust Terminology

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Across
  1. 2. The individual who is designated to manage the assets of the trust.
  2. 6. The location in which the trust has been administered. At Jovia we require the trust be administered in NYS as the trust is governed by the laws of NYS.
  3. 10. Individual designated to receive the benefits of the trust. Could be any number of individuals depending upon the type of trust.
  4. 11. when two or more individuals have an ownership interest in property.
  5. 13. A court process that handles a decedent’s estate upon their death. Trusts are often setup to avoid probate.
  6. 14. Individual designated to manage the assets of the trust when the trustee resigns, dies or becomes incompetent.
  7. 16. Cannot be changed or amended during the grantor's lifetime.
Down
  1. 1. Person or entity appointed to manage the property of an individual for the benefit of someone else.
  2. 3. Trust documentation, often written by an attorney and signed by the grantors and trustees. The “instrument” will dictate how the trust is to be structured and managed and will name the grantors, trustees, successor trustees and beneficiaries.
  3. 4. Also known as a Special Needs Trust, is an irrevocable trust setup to manage the money of a person with intellectual disabilities.
  4. 5. This is a trust account opened in which the funds pass to a designated beneficiary upon the death of all account owners.
  5. 7. A provision often found within trust documentation, that restricts the transfer of a beneficiary's interest, frequently to protect the assets from claims from a beneficiary's creditors.
  6. 8. Trust that an be amended or revoked during the grantor's lifetime.
  7. 9. An entity or account structure that is used as a means of holding money and assets for the benefit of another. These are often used to avoid probate when the original owner dies. There are many different types of trusts and each differ in their purpose and structure.
  8. 12. A one- or two-page document that often accompanies the trust instrument and summarizes important aspects of the trust itself.
  9. 15. The individual who makes the trust. Oftentimes it is the grantor’s assets that are placed into the trust.