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Estate Planning Jargon: What Does it Actually Mean?
The world has changed quite a bit since in a handful of researchers yours truly included got together to talk about the need for working on the application layer of the Internet of Things, aka the Web of Things:. The Web of Things is a refinement of the Internet of Things by integrating smart things not only into the Internet network , but into the Web Architecture application. What once seemed a rather sub-optimal idea has now grown into being a de-facto standard for connected products in the IoT. To goal of the lecture was to teach the fundamentals of the Web of Things but also go deeper into the practical benefits of using the Web to build the IoT.
Confusion seems to abound among non-lawyers and, unfortunately, some lawyers about the various roles people or institutions can play in typical estate plans. Clients often question what it means, for example, to be appointed the personal representative of an estate. Below are some very general descriptions and duties of fiduciary positions to which people or institutions are appointed in the process of the administration of an estate. There are other fiduciaries, but these roles are the most common and spawn the most questions. Linked below is a more detailed description of the duties of the PR quoting various but not all relevant Minnesota statutory provisions. If there is a trust in the estate plan — be it a revocable trust, an irrevocable trust, a Crummey trust, a supplemental needs trust, a special needs trust, a family trust, a marital trust, a QTIP trust, a generation-skipping trust or any other of the many kinds of trusts available to the creative estate planning attorney — that trust will have to have a trustee.
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