plan to sister. because of the beneficiary designation on the plan. Elaine No estate planning Dies Everything through probate, intestate heirs Fran Will--outright to Dies Everything Fran has must go through Neighbor probate and then goes to her neighbor. Georgette Will creates Dies Everything through probate and then testamentary trust for the trust for nephew is created. her nephew. Helen Will House to Niece, no Dies Probate . . Niece gets house. residuary clause Intestate heirs get the residuary. Isabel Revocable Trust & Pour No probate if it was fully funded. The Over Will into a successor trustee creates a testamentary trust for testamentary trust for husband that her husband. leaves everything. Julie Will--all to husband There will be probate, and then outright everything to her husband. Entity Creator Fiduciary (holds legal title to Beneficial Interest the property, except maybe for power of attorney?) This is the person who has to sign off when you're doing a deal. Estate Testator/Decedent Personal Representative Devisees (for will), or heirs for an intestate situation. Revocable Trust Settlor Trustee, usually the settlor if Settlor holds he/she is alive/competent beneficiary interest as long as the trust is revocable. Irrevocable Settlor Trustee Somebody not the Trust settlor--beneficiaries. Conservatorship Conservatee at least so far as it Conservator Conservatee was his/her assets, but it could be the court because the court forces it. Agency (Power Principal Agent Principal of Attorney) UTMA Donor Custodian Child (and then gets it
plan to sister. because of the beneficiary designation on the plan. Elaine No estate planning Dies Everything through probate, intestate heirs Fran Will--outright to Neighbor Dies Everything Fran has must go through probate and then goes to her neighbor. Georgette Will creates testamentary trust for her nephew. Dies Everything through probate and then the trust for nephew is created. Helen Will House to Niece, no residuary clause Dies Probate . . Niece gets house. Intestate heirs get the residuary. Isabel Revocable Trust & Pour Over Will into a testamentary trust for her husband. No probate if it was fully funded. The successor trustee creates a testamentary trust for husband that leaves everything. Julie Will--all to husband outright There will be probate, and then everything to her husband. Entity Creator Fiduciary (holds legal title to the property, except maybe for power of attorney?) This is the person who has to sign off when you're doing a deal. Beneficial Interest Estate Testator/Decedent Personal Representative Devisees (for will), or heirs for an intestate situation. Revocable Trust Settlor Trustee, usually the settlor if he/she is alive/competent Settlor holds beneficiary interest as long as the trust is revocable. Irrevocable Trust Settlor Trustee Somebody not the settlor--beneficiaries. Conservatorship Conservatee at least so far as it was his/her assets, but it could be the court because the court forces it. Conservator Conservatee Agency (Power of Attorney) Principal Agent Principal UTMA Donor Custodian Child (and then gets it
Wills_and_Estates.docx