Attica Trusts Lawyer, Michigan
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110 N Saginaw St, Lapeer, MI 48446
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LEGAL TERMS
ADMINISTRATRIX
An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male... (more...)
An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male or female, this person is called the administrator.
SUCCESSOR TRUSTEE
The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.
UNIFORM TRANSFER-ON-DEATH SECURITY ACT
A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using... (more...)
A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using a simple form that names a person to receive the property after the owner's death. Every state but Texas has adopted the statute.
TRUSTEE
The person who manages assets owned by a trust under the terms of the trust document. A trustee's purpose is to safeguard the trust and distribute trust income ... (more...)
The person who manages assets owned by a trust under the terms of the trust document. A trustee's purpose is to safeguard the trust and distribute trust income or principal as directed in the trust document. With a simple probate-avoidance living trust, the person who creates the trust is also the trustee.
ADEMPTION
The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she di... (more...)
The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she dies. Often this happens because the property has been sold, destroyed or given away to someone other than the beneficiary named in the will. A bequest may also be adeemed when the will maker, while still living, gives the property to the intended beneficiary (called 'ademption by satisfaction'). When a bequest is adeemed, the beneficiary named in the will is out of luck; he or she doesn't get cash or a different item of property to replace the one that was described in the will. For example, Mark writes in his will, 'I leave to Rob the family vehicle,' but then trades in his car in for a jet ski. When Mark dies, Rob will receive nothing. Frustrated beneficiaries may challenge an ademption in court, especially if the property was not clearly identified in the first place.
SURROGATE COURT
See probate court.
INTESTATE SUCCESSION
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest s... (more...)
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.
INHERIT
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will... (more...)
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.
FUNDING A TRUST
Transferring ownership of property to a trust.
SAMPLE LEGAL CASES
In re Kostin Estate
... We find that, by statute, the trial court was obliged to honor the Totten trusts. Michigan law honors
Totten trusts. MCL 487.702 provides, in relevant part: ... Michigan law also provides: Express trusts
may be created for any or either of the following purposes: * * *. Fifth. ...
In re Temple Marital Trust
... But appeals from a probate court decision are on the record, not de novo. See MCL 700.1305;
MCL 600.866(1); MCR 5.802(B)(1); In re Webb H. Coe Marital and Residuary Trusts, 233
Mich.App. ... In re Coe Trusts, supra; In re Baldwin Trust, supra at 396-397, 733 NW2d 419. ...
In re Mary E. Griffin Revocable Grantor Trust
... Although MCL 700.2518 does not apply to trusts, we conclude that it reflects this state's public
policy that a no-contest clause in a trust agreement is unenforceable if there is probable cause
for challenging the trust. ... 2 Restatement Trusts, 3d, § 29(c), pp. ...
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