Term Life Insurance:
Life insurance under which the benefit is payable only if the insured dies within a specified period.

Terminally Ill:
An irreversible condition that cannot be cured and will eventually result in death.

Testamentary Trust:
A trust which is created under a will.

Testate:
Either the act of dying with a will or the name given to a person who dies leaving a will.

Testator:
A man who makes a will; feminine form – testatrix

Total and Permanent Disability:
Some contracts require, not only that you be totally disabled from working, but also that your disability be permanent.

Transfer:
Act of conveying the title to property.

Transmission:
Transfer of property to beneficiary after probate of will or letters of administration obtained.

Trust:
A legal arrangement in which one person (the settlor) transfers legal title to a trustee (a fiduciary) to manage the property for the benefit of a person or institution (the beneficiaries). A testamentary trust is set up in a will and takes effect only after death. There are two main types of trust components. A living trust (inter vivos) is a trust set up during an individual’s lifetime.

Trustee:
A person who acts in a position of trust in administering assets on behalf of someone else. The person or institution who take legal title to the trust property and who are required to follow the terms of the trust. The trustee may be an individual or trust company or both (co-trustees). Often settlors will name joint or co-trustees with equal authority. For example, the individual advises on matters where the trustees have been given discretion about the distribution of funds, while the trust company manages the property and deals with various legal and tax matters.