Glossary of Terms (C)

C Trust See “QTIP.”
Certificate of Trust A shortened version of a trust that verifies the trust’s existence, explains the powers given to the trustee, and identifies the successor trustee(s). Does not reveal any information about the trust assets, beneficiaries, or their inheritances.
Children’s Trust A trust included in your living trust. If, when you die, a beneficiary is not of legal age, the child’s inheritance will go into this trust. The inheritance will be managed by the trustee you have named until the child reaches the age at which you want him/her to inherit.
Codicil A written change or amendment to a Will.
Co-Grantors Two or more persons who establish one living trust together.
Co-Trustees Two or more individuals who have been named to act together in managing a trust’s assets. A corporate trustee can also be a co-trustee.
Common Trustn One living trust established by two or more individuals (usually a married couple).
Community Property Assets a husband and wife acquire by joint effort during marriage if they live in one of the eight community property states. (Wisconsin also has a similar law, but does not use the term “community property.”) Each spouse owns half of the assets in the event of divorce or death.
Conservator One who is legally responsible for the care and well-being of another person. If appointed by a court, the conservator is under the court’s supervision. May also be called a guardian. (Duties and titles can vary by state. For example, in Missouri, there is a guardian of the person and a conservator of the estate.)
Conservatorship A court-controlled program for persons who are unable to manage their own affairs due to mental or physical incapacity. May also be called a guardianship.
Contest To dispute or challenge the terms of a will or trust.
Corporate Trustee An institution, generally a bank or trust company, that specializes in managing trusts.
Credit Shelter Trust Another name for the B Trust in an A-B living trust because this trust “shelters” or preserves the federal estate tax “credit” of the deceased spouse.
Creditor Person or institution to whom money is owed.
Custodian Person named to manage assets left to a minor under the Uniform Transfer to Minors Act. In most states, the minor receives the assets at legal age.