No-Obligation Consultation: (248) 927-2755
  • Home
  • About
    • Edward J. Gudeman
    • Brian A. Rookard
    • Katherine Shinn
    • Jon M. Silver
    • Staff
  • Practice Areas
    • Bankruptcy
    • Business Law
    • Estate Planning
    • – Durable Powers of Attorney
    • – Health Care Powers of Attorney
    • – Family LLC
    • Federal & State Tax
    • Probate
    • Real Estate
    • Other Services
  • Testimonials
  • Blog
  • Contact
CLOSE
  • Home
  • About
    • Edward J. Gudeman
    • Brian A. Rookard
    • Katherine Shinn
    • Jon M. Silver
    • Staff
  • Practice Areas
    • Bankruptcy
    • Business Law
    • Estate Planning
    • – Durable Powers of Attorney
    • – Health Care Powers of Attorney
    • – Family LLC
    • Federal & State Tax
    • Probate
    • Real Estate
    • Other Services
  • Testimonials
  • Blog
  • Contact
Call us today : 248-927-2755

COMMON TERMS ASSOCIATED WITH
ESTATE PLANNING

Beneficiary

A person (or institution) who derives benefit from the creation of a trust, proceeds of insurance policy, IRA or other retirement plan, or property designated by a will.

Conservatorship

Conservatorship is a legal concept in the United States of America which entails the process of electing someone to take care of a disabled individual. A conservatorship is when a designated person is assigned to manage a person’s personal finances and/or estate.

Durable General and Financial Power of Attorney

Durable Financial Power of Attorney is a simple way to arrange for someone to handle your finances and other affairs. A durable power of attorney for finances if you become incapacitated (unable to make decisions for yourself).

Durable Power of Attorney

Allows the grantor of the power of attorney to survive any disability the grantor could suffer.

Estate

An individual’s property and assets including real estate, bank accounts, life insurance policies, stocks, and personal property such as automobiles and jewelry.

General Durable Medical Power of Attorney

Power of Attorneys make medical and financial decisions in case of incapacitation. HIPPA forms are often needed with the Power of Attorney documents to allow an incapacitated person’s medical records to be released to the Power of Attorney.

Guardian

A guardian is a person responsible for taking care of your personal business. Keep in mind they are appointed by a judge only when a person is found to be incapacitated.

Irrevocable Trust

An irrevocable trust is a trust that can’t be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.

Limited Power of Attorney (Special Power of Attorney)

Unlike the sweeping powers granted in a general power of attorney, only specific, limited powers are given to the named attorney-in-fact under a special power of attorney. The special power of attorney is often used to allow the agent to take care of a single transaction or to act during a very limited time period.

Living Trust

A type of revocable trust used in estate planning to avoid probate, help in situations of incompetency and allow smoother management of assets after the death of the trustor(s) (the person who established the trust). The trust can be effective in eliminating or reducing state taxes for married couples. Revocable Living Trusts are established during the life of the trustor(s), who retains the right to the income and principal and the right to amend or revoke the trust. When the trustor(s) dies, the trust becomes irrevocable and acts as a substitute for a traditional will.

Personal Representative

An administrator appointed by the probate court to administer the estate of a person who has died without a will (intestate).

Probate

Probate refers to a system by which your estate is administered and processed in an orderly and supervised manner in accordance with state law. Your debts and taxes are paid before your beneficiaries receive their inheritance. Probate requires proof that a deceased person’s will is valid, identifying and inventorying the deceased person’s property, having the property appraised, paying debts, taxes and distributing the remaining property as the will (or state law, if there’s no will) directs. Think of the probate process as the “script” that guides the orderly transfer of your estate according to the rules, if you do not arrange your affairs in a manner which avoids the probate process.

Revocable Living Trust

A revocable living trust is an arrangement you make for management and distribution of your property. Like a will, the trust is “revocable,” meaning that you can modify or eliminate it at any time. Any competent adult can establish a revocable living trust. Husbands and wives can establish a trust together, and can provide that their community and separate property assets be held in different accounts.

The revocable trust is established by a written agreement or declaration which appoints a “trustee” to administer the property, and which gives detailed instructions on how the property is to be managed and eventually distributed.

Special Needs Trusts

A trust designed to take care of a person with special needs without jeopardizing or forfeiting government benefits that person may be entitled to. Spendthrift Clause. Very particular language which helps prevent creditors of a beneficiary.

Specialty Trusts

When trusts are used as part of a comprehensive estate plan, trusts can provide many benefits to your family and loved ones whether you are financially secure retiree, or a young family planning for the future.

Testamentary Trust

This is simply a trust created in your will which operates in a similar way to a discretionary family trust. When considering the terms of your will, you should consider the benefits of using a testamentary trust especially if you have young children or significant assets.

If a beneficiary is unable to properly manage his/her own affairs, the trust is useful as some person other than the beneficiary controls it. The trustee can ensure that sufficient funds are available to meet the needs of the beneficiary but the beneficiary does not get control of the assets. The trust can actually protect your hard earned assets from the beneficiaries themselves, for example from spendthrift or immature children.

Trust

In general terms, a trust is a legal agreement that has three parties to it: The Grantor who creates the trust, the Trustee who manages the property held by the trust as directed in the trust document, and the Beneficiary who receives the benefits of the assets that are being held by the trust.

Trustee

Is a person or organization that has been given responsibility for managing someone else’s property or money through a trust.

Will or Last Will & Testament

A will or last will testament is a legal declaration by which a person names one or more persons to manage his or her estate and provides for the distribution of his or her property at death. Basically, it’s a document that states your final wishes which goes into effect after you die, but which is subject to a probate courts approval.

Estate Planning

  • Estate Planning Overview
  • Common Terms Associated with Estate Planning
  • Wills
  • Trusts
  • Powers of Attorney
  • Living Will Services
  • Estate Planning FAQ’s

Client Review

“Went to see Ed Gudeman for a Will and Testament. Mr. Gudeman explained about Wills versus Trusts and all the laws surrounding each and what would be best for our situation. We were amazed how much information needs to be collected to use in the trust. It took about 6 weeks to compile everything and then a draft copy was given to us to read and correct any mistakes,errors or changes. Working with the legal assistant Samantha was very easy and reassuring. I will recommend Gudeman and Associates to anyone that needs their Will or Trust set up.”
Lori M
Client Review

Gudeman & Associates, P.C.

401 N. Main Street
Royal Oak, MI 48067
(248)-927-2755

TAKE THE FIRST STEP TOWARD
A SECURE FUTURE FOR YOUR LOVED ONES

FILL OUT OUR SIMPLE FREE CONSULTATION FORM TO GET STARTED

Let’s Talk AboutYour Financial Future. Call For A Consultation.

For trusted help in matters of bankruptcy, estates, business, taxation or real estate, we encourage you to contact us for a no-obligation consultation. During our first meeting at our Royal Oak office, over the phone or via videoconference, you will be introduced to your main point of contact who will work closely with you throughout your case. We will take the time to listen to your story, answer your questions and develop a plan for success. No judgment, just advice geared toward your financial goals backed by decades of experience.

Please call 248-927-2755 or send us an email to learn more or to schedule an appointment. We look forward to serving you.

Attorney Edward J. Gudeman

Edward J. Gudeman

Attorney Brian A. Rookard

Brian A. Rookard

Attorney Katherine Shinn

Katherine Shinn

Attorney Jon M. Silver

Jon M. Silver


At Gudeman & Associates, we proudly serve clients throughout Michigan and neighboring states, offering seamless, virtual legal support for a variety of matters. With cutting-edge technology, we make it easy to schedule virtual meetings, securely share documents, and maintain constant communication, ensuring that distance is never a barrier to personalized, high-quality legal representation. Whether you're nearby or several states away, our team is committed to making the legal process as straightforward and stress-free as possible.

HOW CAN WE HELP?

Fill out the form below to request your no-obligation consultation or call 248-927-2755.

Please enable JavaScript in your browser to complete this form.
Loading
Gudeman & Associates, P.C.

Contact The Office

Address

401 N. Main Street
Royal Oak, MI 48067

Phone

New Clients: 248-927-2755
Existing Clients: 248-546-2800
Royal Oak Office

New Clients: (248)-927-2755
Existing Clients: (248) 546-2800
ejgudeman@gudemanlaw.com 401 N. Main Street
Royal Oak, MI 48067

Also Serving: Southfield MI
Warren MI
Troy MI Fenton MI

Business Hours:
Monday-Thursday:
8:30am-5:00pm
Friday: 8:30am-1pm
Saturday-Sunday: CLOSED

  • Resource
    • Wage Garnishment Lawyer Warren MI
    • Credit Card Debt Lawyer Warren MI
    • Chapter 7 Bankruptcy Lawyer Warren MI
    • Bankruptcy Lawyer Warren MI
    • Car Repossession Lawyer Macomb MI
    • Car Repossession Lawyer Southfield MI
    • Estate planning lawyer Troy, MI
    • Revocable Trust Lawyer Troy, MI
    • Living Will Lawyer Troy, MI
    • Power Of Attorney Troy, MI
    • Asset Protection Lawyer Troy, MI
    • Business Lawyer Troy MI
    • Real Estate Litigation Lawyer Troy MI
    • Business Succession Lawyer Troy MI
    • Chapter 11 Bankruptcy Lawyer Novi MI
    • Chapter 11 Bankruptcy Lawyer Livingston County MI
    • Probate Lawyer Bloomfield MI
  • Estate Planning
    • Estate Planning Overview
    • Estate Planning FAQ’s
    • Common Terms Associated with Estate Planning
    • Wills
    • Living Will Services
    • Trusts
    • Powers of Attorney
  • Taxation
    • Federal & State Collection Matters
    • Liens & Levies
    • Tax Exemptions
    • Tax Resolution
  • Real Estate
    • Articles of Condominium
    • Condominium Law
  • Bankruptcy
    • Bankruptcy FAQs
    • Bankruptcy Myths
    • Credit Card Debt
    • Collections Defense
    • Debt Negotiations
  • Business Planning
    • Business/Commercial Transactions & Contracts
    • Business Plans
    • Buy/Sell Agreement
    • Corporations & Shareholder Agreements
    • Entity Formation
    • LLC Operating Agreements
    • Retirement Plans
    • SBA Loans
    • Succession Plans
  • Other Services
    • Civil Litigation
    • Collections
    • Domestic Relations

© 2025 Gudeman & Associates, P.C. - All Rights Reserved - Disclaimer - Site Map - Privacy Policy

Contact us For Your Free Consultation

(248)-546-2800
Please enable JavaScript in your browser to complete this form.
Loading

Hours

Sun: - CLOSED
Mon - Fri: 9:00 AM to 5:30 PM
Sat: - 9:00 AM to 1:00 PM

Address

401 N. Main Street
Royal Oak, MI 48067

(248)-546-2800
Email Us Today
Map Us