Beneficiary – A person who receives property from the Trust.

Estate – Everything you own; all of your assets (whether real property or personal property).

Executor – A person who administers the property of a person who dies with a will (like a Trustee, but with regard to a Will instead of a Trust).

Issue – Descendants that include all people in the direct line of inheritance with the decedent.

Power of Attorney – A written document that gives an individual the authority to act for another.

Pourover Will – A will that transfers or pours probate (estate) assets over into a pre-existing trust.

Trustee – A person who holds title to property for the beneficiaries. During the lives of the husband and wife, they are the Trustees of the trust. When one spouse dies, the other spouse is the sole Trustee. When the remaining spouse dies, a third person (successor trustee) takes over and ensures that the property gets transferred to the beneficiaries.

Trustor/Settlor – A person who gives property to another in trust. This is almost always the creator of the Trust as well.