Also called a living will, it is a document in which the principal appoints another individual to make health care decisions (for example, about life-support, artificial nutrition and hydration, or pain relief) once the principal is unable to make such decisions for him or herself. This document can allow a terminally ill patient to die with dignity, pursuant to the patient’s wishes, while protecting the physician or hospital from liability for limiting or withdrawing life support. This document can also specify a person’s wishes regarding organ donation and funeral arrangements.
The person for whose benefit a trust is created and managed is a beneficiary. A beneficiary receives distributions from a trust.
The Electronic Federal Tax Payment System is a payment system provided free by the U.S. Department of Treasury which allows the payment of federal taxes electronically via the Internet or telephone.
Report of Foreign Bank and Financial Accounts. A tax filing requirement complied with by filing IRS form number TD F 90-22.1.
See “Advance Health Care Directive” above.
A valid pour-over will allows property not properly funded into a trust to be “poured” into the trust by a probate court. Any property added to the trust via a pour-over will shall be distributed pursuant to the terms of the trust.
Also called “inter vivos trust.” This document allows for management and distribution of a person’s property upon his/her death. Revocable living trusts can be created by married couples, domestic partners and single individuals. These documents can be amended, modified or revoked by the Settlor/Trustor/Grantor at any time before death or incapacity. Revocable living trusts are a common way to avoid the cost and hassle of probate, because the property held in the trust during life passes directly to the trust beneficiaries after the trust creator’s death, without probate court proceedings.
This document, which only takes effect upon the principal’s incapacity, allows someone to manage the principal’s financial affairs. The person appointed under a Springing Durable Power of Attorney is referred to as the principal’s agent or attorney-in-fact.
The person who creates a trust is generally called a Settlor, Trustor or Grantor.
A word, phrase, symbol, design or a combination thereof that identifies and distinguishes the source of the goods of one party from those of others.
The person legally entitled to manage the trust property and make distributions is called a Trustee.