Agent:

A person authorized to act on behalf of another person — the other person is called the “principal.” In the Louisiana Civil Code a person who acts on behalf of another person is called a “mandatary” and the words “agent” and “principal” do not even appear in the Civil Code. However, as a practical matter, the way these kinds of relationships work is very similar in Louisiana and other states. Although Louisiana lawyers know the technical terms used in the Louisiana Civil Code do not include the terms agent, principal or Power of Attorney, we often use those terms because our clients are familiar with them. See the page on this website called “Parlez Vouz Louisiana Estate Planning.”

Appraiser:

Determines the value of hard to value assets – such as a business, real estate, or various types of collections – for tax purposes, as well as to assist the trustee in establishing values for distributions.

Beneficiary:

A person entitled to receive benefits from the trust. The trust’s assets may be distributed outright to the beneficiary, or they may continue to be held in trust for the beneficiary.

Decedent:

The deceased person.

Estate Planning Attorney:

The point-person for the trust administration, assisting the trustee with the inventorying of assets, preparation of federal estate tax (Form 706) and other tax returns, making of tax elections, and distribution of trust assets as provided under the trust document. Often, the estate attorney coordinates the interaction of other professionals needed for the trust administration.

Executor:

An “Executor” is a person who “executes” a testament. The Louisiana Code of Civil Procedure has rules for how estates are handled and the general term for a person who manages an estate is “succession representative.” If the “decedent” had a testament, the “succession representative” is called an “Executor” but if the “decedent” died “intestate” the “succession representative” is called an “Administrator.” Both jobs involve basically the same duties and have to follow the same rules.

Financial Planner:

Assists the trustee or estate planning attorney in valuing securities, re-titling assets and making distributions to the beneficiaries.

Funding a Trust:

Transferring ownership of property to a trust.

Gift:

A voluntary, gratuitous transfer of property made to another person.

General Partner:

One or more persons carrying on a business for profit as a partnership or limited partnership, having personal liability for all debts of the partnership, and, if in a limited partnership, having control of operations of the partnership.

Intestate:

Each state has their own set of laws dealing with the procedure to be followed when an individual dies without a testament. (Of course, most other states use the term “will” instead of the term “testament.”)

Life Insurance Agent:

Assists the trustee or estate planning attorney in obtaining death benefits that may be payable to a beneficiary or the trust itself.

Limited Partner:

One or more persons associated in a limited partnership, having no personal liability for the debts of the partnership beyond his or her partnership investment, and having no direct control over operations of the limited partnership.

Curatorship Nightmare:

Most people typically think of “probate” as something that happens after you die. However, court proceedings can also occur while you are alive if you become mentally or physically disabled. In Louisiana, the lawsuit to determine if someone is not capable of taking care of their business or their own person is called an “interdiction.” After a court declares that a person has to be “interdicted” then the court decides who will be the “Curator” of the interdicted person. The interdicted person is basically turned back into a child for legal purposes and the Curator is in charge of everything. We call this the “Curatorship Nightmare” .

Power of Attorney:

A document authorizing one person, the “agent,” to act on behalf of another person, the “principal.” Also, referred to as “Attorney-in-Fact” in some states. In the Louisiana Civil Code, this kind of relationship is called a “Mandate” and the person who acts on behalf of another person is called a “mandatary” instead of an “agent.” The terms “power of attorney” and “agent” do not appear in the chapters of the Civil Code that govern this kind of relationship. However, since most people are familiar with these terms, Louisiana lawyers often use them. The team at South Louisiana Elder Law works hard to make sure our clients understand how the documents we prepare work and we try to educate our clients so they will know the meaning of the words in their documents.

Principal:

A person who has appointed another person, his or her “agent,” to act on his or her behalf.

Probate:

The legal process which transfers legal title from the decedent to the appropriate recipient of the property. This process is necessary when someone dies with a will or no estate plan in place.

Successor Trustee:

Any person appointed to handle a trust after the death or disability of the trustor.

Survivor Trustor/Trustee:

If the trust was a joint trust and the death was the first one for the couple, the surviving spouse is known as the surviving trustor. If the surviving spouse continues in his or her role as manager of the trust, then her or she also acts as the surviving trustee. In some situations, a co-trustee is appointed to act with the surviving spouse, or a third party takes over as trustee after the death of the first spouse.

Trustee:

The person who manages assets owned by a trust under the terms of the trust.

Trustor:

The creator of a trust.