Self Settled Trust
A living trust in which the beneficiary is the settlor.
Settlor
A person who establishes a trust.
Spendthrift Clause
A provision in a trust ensuring that the beneficiary does not pledge or encumber the assets of the trust.
Supplemental Needs Trust
A trust that provides funds in addition to government benefits to a person with developmental
disabilities. The assets of a Supplemental Needs Trust are not considered as "available assets:
for the purpose of determining whether an individual is eligible for governmental benefits.
Survivor
The remaining owner of jointly owned property after the death of the owner(s).
Testamentary Trust
A trust established under a will to take effect after the death of a testator or a testatrix.
Testator or Testatrix
The person making the will.
Third party Trust
A living trust or testamentary trust in which the beneficiary under the trust is someone other than the grantor or settle.
Trust
A legal relationship created by one person, called the "settlor" in which another individual, the "trustee," owns and manages property for the benefit of a third person, the "beneficiary."
Trust Instrument
The document that creates a trust.
Will
A legal document providing instructions for how an estate will be distributed upon death.
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