Mandatory Provisions
Statements contained in a trust that require the trustee to act in certain ways.
Morally Obligated Gift
A gift or bequest given to someone with a request that the gift be used only for the benefit of a third party. It is not legally binding.
Personal Needs
Needs such as, but not limited to, food, clothing, shelter, health care and safety.
Personal Property
Everything other than real property, including houses, cars jewelry, clothing.
Pooled Trust
The pooling of resources of investment purposes established and managed by not-for-profit associations, who maintain separate accounts for each individual.
Probate court
The court that determines the validity of a will and then ensures that the will's instructions are carried out.
Property Management
Taking action to obtain, administer, protect and dispose of real and personal property, intangible property, business property, benefits and income and to deal with financial affairs.
Pooled Trust
The pooling of resources for investment purposes established and managed by not-for-profit associations, who maintain separate account for each individual.
Probate Court
The court that determines the validity of a will and then ensures that the will's instructions are carried out.
Property Management
Taking action to obtain, administer, protect and dispose of real and personal property, intangible property, business property, benefits and income and to deal with financial affairs.
Real Property
Real estate, land.
Remainderman/Remainderperson
The person(s) who receives the remaining assets of a trust at the trust's termination.
Right of Survivorship
See "jointly owned property", on page G - L.
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