Second-to-Die Life Insurance:
See survivorship life insurance.

Settlement:
The transfer of property to a trust.

Settlor:
The individual who establishes a trust.

Specific Bequest:
A gift under a will of a specific item of personal property or a specific amount of cash.

Specific Divise:
A gift under a will of a specific item of real property, personal property or cash.

Spousal Trust:
A trust, under which the spouse is entitled to all of the income for his or her lifetime. Nobody but the spouse has a right to any of the capital while the spouse is alive. Spousal trusts are most commonly created as testamentary trusts that is, takes effect on death and is part of the will. The major benefit of a spousal trust is that the transfer of property to the trust does not create a capital gain.

Surrogate Court:
The court responsible for the appointment of personal representatives and generally involved with problems arising during the administration of estates.

Survivorship Insurance:
Type of whole life insurance that insures two people and pays benefits only after the second person dies. Also called second-to-die life insurance.