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Commonly Used Terms in Probate Administration

Commonly Used Terms in Probate Administration

Beneficiary: A person for whose benefit a will or trust was made; the person who is to receive property, either outright or in trust, now or later.

Executor: (Also called “personal representative”) An individual or trust company that is appointed by the court to administer and settle the estate of a testator according to the terms of the Will.

Fiduciary: A person or trust company that acts for the benefit of another. Trustees, executors, and personal representatives are all fiduciaries.

Grantor: (Also called “settlor” or “trustor”) An individual who conveys property by means of a trust; the person whose wishes are expressed in the trust.

Testator: A person who has made a valid Will.

Trustee: An individual or trust company that holds legal title to property for the benefit of another and acts according to the terms of the trust.

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