A Personal Representative, also called an Executor, is the person or entity who oversees an estate upon the death of an individual. This role is entrusted with handling the details of the estate including paying debts and taxes, protecting interests, and distributing the remaining assets according to the terms of the will. The Personal Representative/Executor is required to put the interests of the other beneficiaries ahead of his/her own and to wrap up the affairs as quickly as possible. Generally, anyone can serve as Executor as long as they have not been convicted of a felony. The Executor can (and should) get professional help to fulfill their responsibilities, such as an estate or probate attorney for instance.
A Safe Harbor Trust allows the Trustee to set aside money for the future care of their loved one who is living with a disability without jeopardizing the disabled person’s eligibility for government means-tested benefits such as Supplemental Security Income, Medicaid or Veterans Benefits. The Safe Harbor Trust holds assets for the benefit of the beneficiary. A Safe Harbor Trust Trustee administers the Trust for the beneficiary to supplement any benefits the beneficiary may receive through government programs. The Safe Harbor Trust Trustee manages and invests the funds for the Trust and makes disbursements that are for the sole benefit of the beneficiary. The Trustee is also responsible for regular reports to the government and staying abreast of changing regulations.
A Guardian is a person who has the legal authority and the duty to care for the personal and property interests of another person who is unable to manage their own affairs. General guardianship is ordered by a court on behalf of a ward of the court. A guardian assumes the rights of the ward to make decisions about many aspects of daily life. A guardian may be caring for a minor child and his or her assets or appointed to care for someone who has been deemed incapable either because of a severe medical problem or disability. A guardian may also be appointed in a will by a spouse for an incapacitated spouse. A person may also choose to appoint their own guardian in the case of someone undergoing a risky surgery in case something goes wrong. A conservator is a guardian who looks after assets rather than a person.
A Tax Trust (also called a Disclaimer's Trust or Credit Shelter Trust or a Credit Shelter Safe Harbor Trust) is a type of trust that allows the surviving spouse the option of not splitting the Trust after the death of the first spouse when it isn't necessary for saving on estate taxes. The Trust permits the beneficiary of an estate or trust to make a qualified disclaimer in which case the beneficiary is treated for estate and gift tax purposes as though he or she never received any interest in the estate or trust. The trustee acts as the legal owner of trust assets and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
rusts for minors, or minor’s trusts, are very specific types of trusts that are used to hold and distribute property or assets to minors. They typically provide instructions that the money or property assets will be held in trust until the minor reaches the age of majority. The Minor’s/Education Trust Trustee administers the Trust for the beneficiary, manages and invests the funds for the Trust, and makes disbursements that are for the sole benefit of the beneficiary. The Trustee is also responsible for regular reports to the government and staying abreast of changing regulations.
A Trust is an agreement in which one person agrees to transfer property to another (the trustee). A trustee holds legal title to the property of the trust and manages it for the benefit of the beneficiary or as the trust document instructs to be done. The primary trustee is usually the individual setting up the trust (Trust Maker).