Glossary g


General Legacy

A general legacy is a gift of money set out in a will.

Good Faith

While good faith is a subjective standard and is subject to interpretation of actions by the court if challenged, a person acting in good faith is one who acts fairly and with no intent to do harm.

Grantor Trust

The term grantor trust is another way of saying a revocable trust. A grantor is the person who creates a trust. While all trusts have grantors, the term grantor trust refers to trusts over which the grantor still maintains control. For example, in a grantor trust, a trust is created and assets are held in trust, but the grantor serves as the trustee. A trustee oversees the administration of the trust, so a grantor acting as trustee could determine the distribution of the assets, or even change the nature of the trust.

Because a grantor trust is controlled by the grantor (trust creator) the tax benefits and creditor avoidance benefits of a irrevocable (non-grantor trust) are not realized.

Grave Liner

Similar to a burial vault but it only covers the sides and top of a casket when it is placed in the ground. Like a burial vault, it prevents the ground above the casket from caving in when the casket starts to decompose.

Grave Marker

A piece of rock or stone that is placed at the head of a grave and typically engraved with the deceased’s name, birth date, death date, as well as other information. The term grave marker can at times be used to describe a stone that is placed flush with the ground.

Green Funeral

A funeral that seeks to limit its environmental impact by reducing carbon emissions, conserving natural resources, and preserving habitat. This can include not embalming a person after death, using a highly biodegradable casket such as one made from wicker or bamboo, or cremating and spreading remains instead of disturbing the ground with a burial, etc.