Will: a formal legal document directing the disposition of assets upon the death of the testator.
Testator: person who makes a will.
Executor: the person responsible for carrying out the directions of the testator.
Probate: the legal process by which a will is proved to be valid and binding (can be a lengthy and expensive process).
Trust: a legal arrangement under which property is transferred to a trustee to administer in accordance with the instructions of the trustor. A trust may continue for a long period of time, before and after the death of the grantor.
Grantor (also known as the trustor, settlor, or donor): the person who establishes the trust and contributes property to it.
Trustee: the person to whom the property in the trust is entrusted and who is responsible for carrying out the directions of the grantor.
Revocable Trust (Living Trust): a trust set up during the lifetime of the grantor (during which the trust may be changed or revoked) to avoid probate. Normally the grantor is the trustee during his or her lifetime.