Adams County, MS Trusts Lawyers
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L Lamar Bullen
Accident & Injury, Family Law, Estate, Real Estate
Status: In Good Standing Licensed: 21 Years
300 Franklin St., Natchez, MS 39121
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LEGAL TERMS
QTIP TRUST
A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the... (more...)
A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the trust property tax-free. Taxes are deferred until the surviving spouse dies and the trust property is received by the final trust beneficiaries, who were named by the first spouse to die.
DEVISEE
A person or entity who inherits real estate under the terms of a will.
LAPSE
Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. S... (more...)
Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.
BANKRUPTCY ESTATE
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankrup... (more...)
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankruptcy estate for the duration of your case.
PROVING A WILL
Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily sat... (more...)
Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily satisfies by showing that the will was signed and dated by the deceased person in front of two or more witnesses. When the will is holographic -- that is, completely handwritten by the deceased and not witnessed, it is still valid in many states if the executor can produce relatives and friends to testify that the handwriting is that of the deceased.
DOWER AND CURTESY
A surviving spouse's right to receive a set portion of the deceased spouse's estate -- usually one-third to one-half. Dower (not to be confused with a 'dowry') ... (more...)
A surviving spouse's right to receive a set portion of the deceased spouse's estate -- usually one-third to one-half. Dower (not to be confused with a 'dowry') refers to the portion to which a surviving wife is entitled, while curtesy refers to what a man may claim. Until recently, these amounts differed in a number of states. However, because discrimination on the basis of sex is now illegal in most cases, most states have abolished dower and curtesy and generally provide the same benefits regardless of sex -- and this amount is often known simply as the statutory share. Under certain circumstances, a living spouse may not be able to sell or convey property that is subject to the other spouse's dower and curtesy or statutory share rights.
WARRANTY DEED
A seldom-used type of deed that contains express assurances about the legal validity of the title being transferred.
BYPASS TRUST
A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.
SPRINKLING TRUST
A trust that gives the person managing it (the trustee) the discretion to disburse its funds among the beneficiaries in any way he or she sees fit.
SAMPLE LEGAL CASES
Joel v. Joel
... 10. Jimmy's will devised his property to two trusts, with his attorney, Meador, as trustee of both.
Debbie was executrix of Jimmy's estate. ... 684, 690-91, 78 So.2d 758, 760 (1955) (quoting 54
Am.Jur. Trusts § 225). [16] Allred v. Fairchild, 785 So.2d 1064, 1068 (Miss.2001). ...
IN THE MATTER OF ESTATE OF BAUMGARDNER v. Ready
... ROBERT D. JONES, HENRY P. PATE, III, Attorneys for Appellee. BEFORE CARLSON, PJ,
RANDOLPH AND KITCHENS, JJ. CARLSON, PRESIDING JUSTICE, FOR THE COURT: ¶ 1.
This case involves fifteen years of litigation relating to two testamentary trusts. ...
Wright v. O'DANIEL
... The statute of limitations applicable to actions involving constructive trusts provides in pertinent
part: ... Janet filed her complaint seeking the imposition of a constructive trust on October 23, 2007,
well within the ten-year limitations period applicable to constructive trusts. ...
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