Remainderman

One who is entitled to the remainder of the estate after a particular estate carved out of it has expired.

Revocable

Susceptible of being revoked, withdrawn or cancelled.

The entire Revocable Trust can be revoked or cancelled or even amended, as can individual portions of the trust.

Rule Against Perpetuities

Principle that no interest in property is good unless it must vest, if at all, not later than 21 years, plus period of gestation, after some life or lives in being at the time of the creation of the interest.

This rule essentially limits...

Separate Property

Property owned by a married person in his or her own right during marriage.

Generally any property which one owns before marriage is separate property after. The rents and income from such separate property also remains separate property.

Spendthrift Provision

One which provides a fund for benefit of another than settlor, seures it against beneficiary's own improvidence, and places it beyond his creditors' reach. A trust set p to protect a beneficiary from spending all of the money that he is entitled to.

Subsequent Trustee

Upon the death or incapacity of the original trustee of a trust, new trustees, which are designated in the trust, will begin to administer the trust assets for the benefit of the beneficiaries. These new trustees are called 'subsequent trustees'.

Surviving Creator

When a husband and a wife create a trust together after the death of the first spouse, the surviving spouse is known and identified as the 'surviving creator'.