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Trust glossary
This glossary explains common trust and estate planning terms used across Larry Trustee AI pages and packet
workflows. It is a plain-language reference only and does not replace state-specific legal advice.
Core trust terms
- Grantor
- The person who creates the trust and contributes property to it.
- Trustee
- The person or institution that manages the trust according to the trust terms.
- Successor trustee
- The backup trustee who takes over if the original trustee cannot continue serving.
- Beneficiary
- The person or organization that receives benefits from the trust.
- Revocable trust
- A trust that the grantor can usually change or revoke during life.
- Irrevocable trust
- A trust that generally cannot be changed easily once it has been established and funded.
Administration and transfer terms
- Probate
- The court-supervised process for administering a deceased person's estate.
- Trust funding
- The process of transferring property into the trust so the trust actually controls the asset.
- Schedule of trust assets
- A supporting list that identifies the assets already assigned or intended to be assigned to the trust.
- Certification of trust
- A shorter form that confirms the trust exists and identifies trustee authority without attaching the full trust.
- Assignment to trust
- A transfer document used to move personal property or assignable rights into the trust.
Will and beneficiary terms
- Pour-over will
- A will that directs certain probate assets to be transferred into a trust after death.
- Contingent beneficiary
- The backup beneficiary who receives property if the primary beneficiary cannot or does not take it.
- Spendthrift provision
- A clause that restricts a beneficiary's direct access to trust property and may limit creditor attachment.
- Special needs trust
- A trust designed to support a disabled beneficiary while accounting for public-benefit eligibility rules.
Questions people ask about trust terms
What does trust funding mean?
Trust funding means transferring property into the trust so the trust actually controls the asset instead of
leaving it outside the plan.
What is a certification of trust?
A certification of trust is a shorter document that confirms the trust exists and identifies trustee
authority without attaching the full trust agreement.
Why does the glossary matter for the packet workflow?
The glossary helps users understand terms that appear in the AI questionnaire, trust packet documents, and
public guide pages.
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