A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Living TrustA legal arrangement you create while alive to hold your assets, letting them pass to heirs without going through probate.
- TrusteeThe person or institution responsible for managing a trust's assets and following its instructions.
- Revocable TrustA trust you can change or cancel at any time while you are alive and mentally able.
- Irrevocable TrustA trust that usually cannot be changed once created, often used to reduce taxes or protect assets.
- Beneficiary DesignationThe named person who inherits your retirement account, which overrides your will for that account when you pass away.
- WillA legal document that spells out who gets your property and who cares for your children after you die.
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Plain-English education — not personalized legal, tax, or investment advice.