Trustee (Types)
A trust has always at least one trustee. There are, however, many types of trustees. A sole trustee is someone who carries out the terms of your trust alone. Two individuals carrying out the terms of your trust together are called co-trustees. The co-trustees may have to work together, something for you to keep in […]
Trustee (Definition)
A trustee is a person who is familiar with your trust and that is going to carry its terms. A trustee should be someone that you trust that will follow your wishes and act in the best interest of the trust’s beneficiaries. If you want to read more on the different types of trustees, have […]
Trust
A trust is a fiduciary relationship between a trustee and a beneficiary. That means that the person in charge of certain assets (the trustee) will be able to manage, invest and distribute any assets included within the trust. This should, of course, take place in the best interest of the beneficiaries. People usually set up […]
Residuary Estate
Residuary estate refers to the portion of your estate that remains after certain processes are over. First off, your estate should pay all your health and funeral bills. Secondly, you may have unpaid taxes and additional bills. Funds from your estate will cover this too. Next, your executor carries out your bequests. Whatever portion of […]
Tangible Personal Property
Tangible property refers to belongings that are not digital assets. In other words, tangible property is physical property. Additionally, personal property explicitly refers to moveable property – so not real estate. See also: Estate, Property
Property
Most Last Wills include two kinds of property: personal and real property. Personal property refers to moveable belongings, such as a guitar. Real property includes not moveable assets such as houses. Additionally, you may have tangible personal property or digital personal property.
Estate Administration (Definition)
This refers to the way the executor distributes your estate according to your wishes. Moreover, estate administration can refer to any sort of estate management including settling matters. See also: Estate Administration – Types
Estate
This general umbrella term refers to the net worth of a person. In other words, it is the entirety of this individual’s assets, tangible and digital. This also includes both real estate and personal property. See also: Estate Administration Definition & Types
Directive
A directive is a clause similar to a provision, a paragraph or Article of your Last Will. It usually indicates that this segment of the Will is focusing on certain instructions regarding a part of your property. An example of that is a Pet Care Directive. See also: Provisions
Digital Asset
This refers to electronic assets, such as passwords, usernames and other online account details. Moreover, they may also include digital media and documents. A description of a digital asset often comes with instructions. This way your digital executor knows how they should manage the digital asset. The opposite of a digital asset is tangible property, […]