Estate Planning Terms Lawyer Clay County

Clay County Estate Planning Attorneys Explain 8 Confusing Estate Planning Terms

Most of our clients in our Clay County estate planning law office aren’t estate planning professionals; so, they are not familiar with commonly used estate planning terms. We are providing simple definitions of commonly used estate planning terms to help you feel more comfortable. If you would like further explanation, please call our Clay County estate planning office at 904-264-3627, or emailThis email address is being protected from spambots. You need JavaScript enabled to view it.. We see clients in the Clay County offices.

Trustee

A trustee is a trusted helper who holds legal title to trust assets. The trustee is in charge of the trust and must carry out trust instructions.

You can serve as the trustee of your own trust. And, you name successor (i.e. backup) trustees to act for you should you become disabled and when you die.

Probate

Probate is both the court process of validating a will and the winding down of someone’s financial life. Probate is also called “estate settlement.”

Per Stirpes

“Per stirpes” is used in distribution provisions of a trust or will. It means that if one of your beneficiaries dies, his children will step up into the shoes of their parent.

For example, Mable has 3 children and provides that all three children shall inherit equally.

Mable’s will further provides that if a child predeceases her, his child’s share shall pass to his children, per stirpes.

Fred has 1 child; Mark has 2 children; and Rick has 3 children.

Rick dies. Fred dies. Later, Mable dies.

Who inherits what?

Fred’s 1 child steps into Fred’s shoes and inherits his 1/3 share.

Mark inherits his 1/3 share.

Rick’s 3 children step into Rick’s shoes and inherit his 1/3 share.

Per Capita

“Per capita” means that all beneficiaries in a class (such as grandchildren or nieces and nephews) inherit equally no matter whose children they are.

Using the above example, Mable has 3 children and provides that all three children shall inherit equally.
Mable’s will further provides that if a child predeceases her, his child’s share shall pass to his children, per capita.

Again, Fred has 1 child; Mark has 2 children; and Rick has 3 children.

Rick dies. Fred dies. Later, Mable dies.

Who inherits what?

Fred’s 1 child and Rick’s 3 children equally share 2/3 of Mable’s estate.

Mark inherits his 1/3 share.

Per capita and per stirpes have very different results. Fred’s 1 child inherits a lot less and Rick’s 3 children inherit more.

Grantor

A grantor is the person who sets up and puts assets into a trust. The grantor may also be known as the “trust maker,” “settlor,” or “trustor.”

Trust Property

Trust property refers to all the assets titled in the name of the trust. It is important that your trust be fully funded, meaning that your assets are titled in the name of your trust.

If you have questions about these estate planning terms or any others, consult with Clay County estate planning attorneys, Arnold Law, 904-264-3627, or email This email address is being protected from spambots. You need JavaScript enabled to view it.. To better serve you, we have offices in Clay County.

Reviews

Reviews

Contact Us

We represent Clay, St. Johns, Duval and Putnam County residents

Our office is located across the street from the Clay County Courthouse in Green Cove Springs at the same intersection as the CVS Pharmacy. Although we are located in Clay County, we assist all Florida residents and counsel anyone who needs help with issues related to Florida law. To schedule an office or phone consultation please call or stop by our office location. We look forward to your call: 904-264-3627 or 904-284-5618.