All persons who have descended from a common ancestor. Generally includes adopted persons when used in a Will or Trust.

A gift of real property by Will; to be distinguished from bequest.

An individual’s permanent and intended home.

An individual or a trust institution charged with the duty of acting for the benefit of another party as to matters coming within the scope of the relationship between them. A guardian and his ward, an agent and client, one partner and another partner, a trustee and a beneficiary all are examples of fiduciary relationships.

A noncumulative general power of the donee to appoint in each calendar year the greater of $5,000 or five percent of the value of the trust at the end of the year.

A power to direct the disposition of property. The donee may exercise the power in favor of any person, including himself, his estate, his creditors, or the creditors of his estate. Example: “A” creates a trust in which “B” has the power to dispose of the property in favor of anyone he sees fit, including himself, his estate, and his creditors.

A tax imposed on any generation-skipping transfer at a flat rate computed with reference to the maximum federal estate tax rate applicable at the time of the transfer. An example would be the tax applied to a gift made by a grandparent to a grandchild.

Any taxable distribution or taxable termination with respect to a generation skipping trust or any direct skip from a transferor.

Property, property rights or interest transferred to another for less than adequate and full consideration in money or money’s worth.

A deduction allowed for a gift made by one spouse to another. Outright gifts and life estates qualify for the deduction if the donee has the right to the income from the property for life and a general power of appointment over the principal. Certain qualified terminable interest gifts also qualify. The amount of the deduction is unlimited.

A person who transfers property by deed or who grants property rights by means of a trust instrument or some other document.

An individual or a trust institution appointed by a court to care for the property or the person (or both) of a minor or an individual unable to manage their financial affairs. When the guardian’s duties are limited to the property, he is known as a guardian of the property; when they are limited to the person, he is known as a guardian of the person; when they apply to both the property and the person, he is known merely as a guardian. In some states the term committee, conservator, curator, or tutor is used to designate one who performs substantially the same duties as a guardian.

A person appointed by a court to represent and defend a minor, or an individual unable to manage their financial affairs, in connection with court proceedings; sometimes called a special guardian.

A trust created during the grantor’s lifetime between living persons. It operates during the grantor’s lifetime as opposed to a testamentary trust, which does not operate until the grantor dies.

Not having made and left a valid Will.

A trust which by its terms cannot be amended or revoked by the settlor or beneficiaries.

A certificate of authority to settle a particular estate issued to a personal representative by the appointed court.

An interest that a person has in property which is enjoyed only during life. No possession of such ownership rights may be transferred during life or at death.

A trust that is established by a Trust Agreement during the lifetime of the settlor. This is the same as an inter vivos trust.