Testamentary Trust: a testamentary trust is a trust that is established through a last will and testament and becomes effective only after the grantor’s death. Under Utah law, a testamentary trust and governed by the terms of the grantor’s will. A testamentary trust can be used to exert some control over how assets left through a will can be used after the testator’s death. Testamentary trusts are used less frequently now, as living trusts can accomplish most of the purposes of a testamentary trust while still giving the grantor some benefit during the grantor’s lifetime.
Testator: a person who writes a will, or has a will written for him or her, and executes the will. Traditionally, the terms “testator” and “testatrix” were used to refer to a male and a female respectively who made a will. Under the Utah probate code, the term testator is used to refer to a person of either gender.
Trustee: an individual or other entity named to manage property or assets under the terms of a trust document. The trustee holds those property or assets for the benefit of another. Under the Utah probate code, the term “trustee” includes an original trustee, as well as additional trustees, co-trustees, or successor trustees, whether or not appointed or confirmed by the court.
Trust: a form of legal ownership in which property is held and managed by one person or entity (the trustee) and used for the benefit of some person or entity (the beneficiary). In a self-settled trust, the trustee and the beneficiary may be the same person.
Ward: is the traditional term for a person for whom a guardian has been appointed due to reasons of either incapacity or minority. Under the Utah probate code, a person who is appointed a guardian solely because of minority is considered a “minor ward.” A guardian is considered to be a fiduciary, and owes the accompanying responsibilities and duties of loyalty to the ward. In a guardianship based on incompetence or disability, Utah law uses the term “protected person” in place of the term “ward.”
Will: as used in the Utah probate code, the term “will” refers to a testamentary instrument, including both the initial last will and testament as well as a any codicil or other instrument which revokes, revises, or amends a previously-executed will, a testamentary instrument appointing an executor, nominating a guardian, or expressly limiting or excluding the rights of an individual or class to receive property of the decedent through Utah intestate succession rules.