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Bovill Trusts Lawyer, Idaho
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725 East E Street, Moscow, ID 83843
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LEGAL TERMS
CREDIT SHELTER TRUST
See AB trust.
BENEFICIARY
A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.
SURVIVING SPOUSE'S TRUST
If a couple has created an AB trust, the revocable living trust (Trust B) of the surviving spouse, after the first spouse has died.
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.
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.
TRUSTEE POWERS
The provisions in a trust document defining what the trustee may and may not do.
MARITAL LIFE ESTATE TRUST
See AB trust.
RESIDUARY ESTATE
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.
SUCCESSION
The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which d... (more...)
The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.
SAMPLE LEGAL CASES
Soignier v. Fletcher
... Cowan did not have any beneficial interests in any other trusts. ... The will provided that all of Cowan's
remaining beneficial interests in any trusts be devised to Mary Killins Soignier, Appellant. It also
referred to a written list of items and intended recipients that was never located. ...
Soignier v. Fletcher
... Cowan did not have any beneficial interests in any other trusts. ... The will provided that all of Cowan's
remaining beneficial interests in any trusts be devised to Mary Killins Soignier, Appellant. It also
referred to a written list of items and intended recipients that was never located. ...
Soignier v. Fletcher
... Cowan did not have any beneficial interests in any other trusts. ... The will provided that all of Cowan's
remaining beneficial interests in any trusts be devised to Mary Killins Soignier, Appellant. It also
referred to a written list of items and intended recipients that was never located. ...
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