OTHER TERMS

Estate:  An Estate is simply everything that a decedent owns, owes or is entitled to receive at the point of death.  Estate administration refers to the identifying of assets, receivables and debts of the decedent then collecting the receivables, paying the debts, and disbursing the remaining assets as legally required.

Fiduciary:   A fiduciary is someone who has accepted the responsibility to act for and in behalf of another person.  A fiduciary has an obligation to put that persons interests ahead of his own with regard to the matter in which he was entrusted.  A trustee acts in a fiduciary capacity in carrying out the wishes of a grantor towards the beneficiaries of a trust.

Testamentary Trust:  A testamentary trust simply means a trust which is established by the will at death.