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Home » Services » Trust Administration & Probate in North Dakota & Minnesota » Trust Administration & Probate Definitions

Trust Administration & Probate Definitions

Agent:

A person authorized to act on behalf of another person, the “principal.”

Appraiser:

Determines the value of hard to value assets – such as a business, real estate, or various types of collections – for tax purposes, as well as to assist the trustee in establishing values for distributions.

Beneficiary:

A person entitled to receive benefits from the trust. The trust’s assets may be distributed outright to the beneficiary, or they may continue to be held in trust for the beneficiary.

Decedent:

The deceased person.

Estate Planning Attorney:

The point-person for the trust administration, assisting the trustee with the inventorying of assets, preparation of estate tax (Form 706) and other tax returns, making of tax elections, and distribution of trust assets as provided under the trust document. Often, the estate attorney coordinates the interaction of other professionals needed for the trust administration.

Executor:

In the case of individuals who have died intestate, the person playing the role of executor is often called the administrator or personal representative.

Financial Planner:

Assists the trustee or estate planning attorney in valuing securities, re-titling assets and making distributions to the beneficiaries.

Funding a Trust:

Transferring ownership of property to a trust.

Gift:

A voluntary, gratuitous transfer of property made to another person.

General Partner:

One or more persons carrying on a business for profit as a partnership or limited partnership, having personal liability for all debts of the partnership, and, if in a limited partnership, having control of operations of the partnership.

Intestate:

Each state has their own set of laws dealing with the procedure to be followed when an individual dies without a Will.

Life Insurance Agent:

Assists the trustee or estate planning attorney in obtaining death benefits that may be payable to a beneficiary or the trust itself.

Limited Partner:

One or more persons associated in a limited partnership, having no personal liability for the debts of the partnership beyond his or her partnership investment, and having no direct control over operations of the limited partnership.

Living Probate:

Most people typically think of “probate” as something that happens after you die. However, court proceedings can also occur while you are alive and is referred to as a “living probate.” A living probate can arise if you become mentally or physically disabled. A living probate is often referred to as either a “guardianship” or “conservatorship.” A guardian is someone appointed by the Court to look after the incapacitated person. A conservator is someone appointed by the Court to look after the assets of an incapacitated person.

Power of Attorney:

A document authorizing one person, the “agent,” to act on behalf of another person, the “principal.” Also, referred to as “Attorney-in-Fact.”

Principal:

A person who has appointed another person, his or her “agent,” to act on his or her behalf.

Probate:

The legal process which transfers legal title from the decedent to the appropriate recipient of the property. This process is necessary when someone dies with a will or no estate plan in place.

Successor Trustee:

Any person appointed to handle a trust after the death or disability of the trustor.

Survivor Trustor/Trustee:

If the trust was a joint trust and the death was the first one for the couple, the surviving spouse is known as the surviving trustor. If the surviving spouse continues in his or her role as manager of the trust, then her or she also acts as the surviving trustee. In some situations, a co-trustee is appointed to act with the surviving spouse, or a third party takes over as trustee after the death of the first spouse.

Trustee:

The person who manages assets owned by a trust under the terms of the trust.

Trustor:

The creator of a trust.

Trust Administration:

The process of following a trust’s instructions after the death of the grantor. For example, a trust may provide for funding of subtrusts.

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August 24, 2020
    

Needed to come in to get specific advice for our needs. The attorney spoke to us in terms we could understand, coming to our level and did not make up feel uncomfortable. They were very considerate and caring. We didn’t feel rushed. We felt like they cared and knew what they were doing.

C.P., Minnesota
Client Review
August 24, 2020
    

We were wonderfully satisfied. Wayne did an outstanding job of explaining, diagramming and answering questions and concerns.

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August 24, 2020
    

They were courteous, efficient, knowledgeable, and trustworthy.

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August 24, 2020
    

Very helpful. Our children and us are are confident in your group.

-Anonymous, Fargo, North Dakota
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August 24, 2020
    

"Very professional, covered all, expertise, friendly, peace of mind now."

- Anonymous, North Dakota
Client Review
August 24, 2020
    

So much of a client's high or low opinion of an organization depends on their welcomed feeling. I felt that every time I visited the office, every person I talked with listened and took action on my concern or questions! They were also very friendly.

~J.R., Grand Forks, ND
Client Review
August 24, 2020
    

From phone calls to signing the final documents I was treated with respect, kindness, and understanding by Wayne & Jenn. Every business that wants their business represented well should have someone like Jenn & Wayne. They both made me feel relaxed and assured I was at the right place at the right time at this time in my life. 

~ Deborah Rucinksi, North Dakota 
Client Review
August 24, 2020
    

All of the paperwork was completed in a timely matter. Wayne was very good in explaining the trust to us. 

~Anonymous
Client Review
August 24, 2020
    

Thank you for taking care of my finances after I am gone. I worried about probate once; hopefully this has been solved. Everyone was very polite and helpful. Thank you Katie for answering my questions, and also Jenn.

- Anonymous
Client Review
August 24, 2020
    

This Avvo rating is killer and so deserved! You are the best brother! The only thing is I think the 10 rating is too low, in my book you go to 11! Congratulations on the award, you should be very very proud. See you at your Holiday party, thx for the invite.

Anthony G., Los Angeles, CA
Client Review
August 24, 2020
    

Everyone at German Law was helpful and pleasant. I felt good about my decision, I thought I was doing the right thing for myself & my family. Wayne took his time and didn't rush, which is good because a lot of this can be over people's heads.

A.W., Red Lake Falls, MN
Client Review
April 15, 2021
    

Excellent

Very interesting, informative and valuable information and ideas.

Valuable information.

RP
Client Review
April 15, 2021
    

5 STARS! Thanks for allowing this to be on a webinar! Very interested in this topic.

Great Estate Planning Guide

SD
November 25, 2022
    

John provided very short turn-around time that we needed. He built an amortization schedule that really met our needs. He was responsive and very easy to work with! Quick and easy!

 

Cammy was also very helpful and professional!

November 25, 2022
    

Really Liked it.
Assisted by John Oelke

November 25, 2022
    

Excellent!

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