Archives: Glossary Terms
Per Stirpes
A method for distributing property where each branch of the named person’s...
Personal Representative
See Executor.
Pour Over Will
A pour over will is a last will and testament which transfers...
Power of Appointment
A power that gives an individual the right to transfer...
Power of Attorney
A power of attorney is a written document granting an individual...
Principal
Principal is the property (such as money, stock, or real estate) owned...
Probate
Probate is a court supervised process wherein the executor or...
Prudent Investor Act
A state law that sets the standard of fiduciary duty...
Prudent Man Rule
A fundamental legal maxim restricting the discretion of a trustee...
Qualified Personal Residence Trust
An irrevocable trust (referred to as a “QPRT”) established to hold title to a person’s home...