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Senior Options, Inc.

Glossary of Terms

Administrator - See Personal Representative

Advance Directive - Written document also referred to as a Living Will or a Healthcare Power of Attorney that expresses your healthcare wishes should you become terminally ill or incapacitated and unable to communicate.

Advocate - To assist, defend or plead in favor of another.

Assets - All property owned by a person that can be used or made available to use in the payment of debts and heirs.

Beneficiary - A person or entity designated to receive property under a will or to receive the income or principal of a trust.

Codicil - An amendment to a will. It is a separate document.

Conservator - Person or entity given legal authority by the court to make financial decisions.

Decedent - A person who is deceased.

Estate - Real and personal property, any property that could be the subject of ownership.

Executor - See Personal Representative

Guardian - Person or entity given legal authority by the court to make personal decisions.

Heir - Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.

Incapacity - An individual's inability to make and then carry out personal or financial decisions on their own behalf.

Least Restrictive Alternative - The course of action which places the least amount of limitations on the ward while appropriately meeting their needs.

Personal Representative - Individual named in a will or appointed by the court to manage the assets and liabilities of a decedent and ensures that the wishes of the decedent are honored and the disposition of the estate is handled accordingly.

Probate - The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).

Protected Person - The person who has a Conservator.

Registered Guardian - Is an individual who has met the qualifications established by the National Guardianship Foundation.

Representative Payee - An individual, agency or organization named by a government agency to receive government benefits on behalf of, and for the benefit of, the beneficiary entitled to such benefits.

Trust - An agreement under which money and other assets are held and managed by one person or entity for the benefit or another.

Trustee - A person/entity who manages assets owned by a trust under the terms of the trust document. A Trustees purpose is to safeguard the trust and distribute trust income or principle as directed in the Trust document.

Ward - The person who has a guardian.

Will - A legal documents that directs where a person's property should go after that person dies.

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Disclaimer: Information provided is for information only and should not be considered as legal reference.

Senior Options, Inc.
Kim Tophen
PO Box 980
Brainerd, MN 56401-0980
Senior Options, Inc. Bonded and Insured
Phone: 763-792-4472
Fax: 763-792-4492
Kim@SeniorOptionsInc.com

 
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