Wednesday, November 13, 2019
Glossary

Power of Attorney
A Power of Attorney has little to do with attorneys and lawyers. It involves granting authority or permission to another person to do for you what you would have done yourself, had you been able to.

General Power of Attorney for Property
A document in which a person grants unrestricted power over decisions regarding his or her assets to another person at such time as the grantor is unable to make such decisions for himself or herself.

Restricted Power of Attorney for Property
A document in which a person grants restricted power over his or her assets to another person at such time as the grantor is unable to satisfy a particular obligation for himself or herself. (If Bob will be out of the country on business on the date that he is required to sign a document, Bob may grant a power of attorney to another person to fulfill this obligation, and sign the document in his absence. The attorney's signature is binding on all parties involved.)

Power of Attorney for Personal Care
A document in which a person grants power over his or her health care, nutrition, shelter, clothing, hygiene, or safety to another person at such time as the grantor is unable to make such decisions for himself or herself.

Will
A document that sets out a person's wishes and directions with respect to the disposal of his or her property after death.

Testator
A male person who makes a will.

Testatrix
A female person who makes a will.

Estate Trustee With A Will
The person chosen by the testator to administer the testator's estate after the death of the testator. "Estate Trustee" is the name that now describes what was once done by an "executor" or "executrix".

Trustee
The person to whom trust property is transferred.

Settlor
The person who sets up an inter vivos trust.

inter vivos trust
A trust that has been set up while the settlor is still alive.

Testamentary Trust
A trust that has been created by a will. A testamentary trust only becomes effective on the death of the testator.