Financial Planning Definitions: Estate Planning: The process of deciding who will become the future owner/beneficiary of one's estate (money or property) and how it will be managed after death. The estate includes assets such as cash, bank accounts, stocks and bonds, real estate, automobiles, jewelry, family heirlooms, etc. Will: This is the document that directs the distribution of the assets of your estate to the beneficiaries. When you have a child or other relative with a disability, it is important to make a will and to have an attorney prepare it, even if you think you do not have many assets to leave. Depending on the individual situation, a will can be very simple or very complex. Any assets you have already (formally) designated as belonging to someone would not need to be included in your will. In testate: This situation occurs when a person dies without leaving a will. In such a case, the assets of the person's estate must be distributed according to state law. If the person is married and has children, the estate will be divided among them. Since this may not be the way you wish things to be, you should make a will to ensure your wishes are carried out. Executor (also called "personal representative" in Florida): This is the person who is named to administer a will. Your executor will determine the value of your assets, notify all named beneficiaries and creditors and account for all transactions. Probate: This is the process conducted by a special court, which will insure that your debts are paid and the remaining assets distributed to the rightful owners. The probate process is also called estate administration. Quit Claim Deed: A legal instrument filed with the court in the county of residence, which allows the deeded property to pass directly to the other named person upon the death of the original owner. Supplemental Security Income (SSI): This is a program which provides monthly payments to persons who are aged, blind, or disabled, if they have limited income and assets. SSI is administered by the Social Security Administration and requires a "means test" for eligibility, including a limit on current assets. Medicaid: A health assistance program for eligible persons with low income and limited assets. It is funded jointly by the state and federal governments. Most people with disabilities who receive SSI are automatically eligible for Medicaid in Florida. Trust: This legal entity is a way for transferred assets (money or property) to be handled for the benefit of another, according to the directions of the person who creates the trust. A trust may be created by a parent, another relative or any interested person. Trustee: This is the person who is responsible for managing a trust. The trustee must see that funds are properly invested and disbursed according to the wishes of the maker of the trust. The maker of the trust and the first trustee can be the same person. Co-Trustee: This is a second person who shares the duties of managing a trust with another or "co" trustee. Supplemental Trust (or Special Needs Trust): This is a trust that can exist during the lifetime of the maker, or go into effect upon the maker's death (testamentary trust). It is designed to provide for the "supplementary" or additional needs of the person with a disability, beyond those needs that are covered by federal or state government programs. The trust must be carefully worded by an attorney experienced in disability law, so that funds are not disbursed directly to the person with a disability, (causing ineligibility for government benefits) but rather are used to benefit him or her. The person with a disability can set up and/or contribute to such a trust, as long as someone else is designated as the trustee and is controlling the funds. Certified Financial Planner: An individual with legitimate credentials, usually employed by reputable insurance companies. The credentials appearing after the name may be "certified financial planner" (CFP), or "chartered financial consultant" (CHFC). Persons with these credentials will have the knowledge to provide advice regarding appropriate insurance and estate plans. Letter of Intent: This is an informal document that some parents use to express their wishes and expectations about the future life of their adult children. It may provide additional, detailed information about the desired life quality and preferred use of financial resources not found in the formal planning documents. It can be used togehter with the plans on this web site.

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