Page 87 - Book10E

Irrevocable Trust: A trust that can no longer be amended or revoked by anyone. Most revocable trusts become irrevocable at some time, for example, when the person who established the trust dies.
Keogh Plan: A tax deferred pension plan available to self-employed individuals or unincorporated businesses for retirement purposes.
Legally Incapacitated Person: A person who has been determined by a court as not capable of handling his or her personal and financial affairs.
Living Trust: A trust that one establishes during one's lifetime which is not part of one's will, but is usually established by a separate writ- ten trust agreement. This type of document is also sometimes referred to as a revocable living trust.
Living Will: A document in which the signer requests to be allowed to die rather than be kept alive by artificial means if disabled beyond a reasonable expectation of recovery
Personal Representative: The person or financial institution appointed by the probate register or the court to administer a deceased person’s estate.
Probate: The process of determining if the deceased person left a valid will and admitting that will to probate. When a will is "admitted to probate" it means that the probate register or the probate judge has signed a paper that says the will is admitted to probate.
Residuary Clause: Clause in which a person or persons are named in a will to receive any residue left in an estate after the bequests of specific items are made
Revocable Living Trust: A living trust that can be amended and revoked, usually by the person who established the trust. This trust may become irrevocable and unamendable when the only person who can amend or revoke the trust dies or becomes incompetent.
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