Clay County, IL Estate Lawyers
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1-3 of 3 matches. Page 1 of 1
Ronald Dale Young
Divorce & Family Law, Elder Law, Estate Planning, Transactions
Status: In Good Standing
111 W. North Avenue, Flora, IL 62839
Profile LAWPOINTS™32/100
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Michael Warren Klobnak
Elder Law, DUI-DWI, Traffic, Estate Planning
Status: Inactive Licensed: 48 Years
Flora, IL 62839
Profile LAWPOINTS™17/100
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Flora, IL 62839
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LEGAL TERMS
SUMMARY PROBATE
A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are ... (more...)
A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are complicated, but a few examples include estates worth up to $100,000 in California; New York estates where property, excluding real estate and amounts that must be set aside for surviving family members, is worth $20,000 or less; and Texas estates where the value of property doesn't exceed what is needed to pay a family allowance and certain creditors.
DISTRIBUTEE
(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (ca... (more...)
(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (called intestate), state law determines what each distributee will receive. Also called a beneficiary.
CREDIT SHELTER TRUST
See AB trust.
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.
TESTAMENTARY TRUST
A trust created by a will, effective only upon the death of the willmaker.
GENERATION-SKIPPING TRUST
A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income fro... (more...)
A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income from the trust. Because the children (the middle generation) never legally own the property, it isn't subject to estate tax at their death. See generation-skipping transfer tax.
INTER VIVOS TRUST
The Latin name, favored by some lawyers, for a living trust. 'Inter vivos' is Latin for 'between the living.'
ADMINISTRATOR
A person appointed by a probate court to handle the distribution of property of someone who has died without a will, or with a will that fails to name someone t... (more...)
A person appointed by a probate court to handle the distribution of property of someone who has died without a will, or with a will that fails to name someone to carry out this task. administrator ad litem A person appointed by a probate court to represent an estate during a lawsuit. (Ad litem is Latin for 'during the litigation.') An administrator ad litem is appointed only if there is no existing executor or administrator of the estate, or if the executor or administrator has conflicting interests. For example, Jerry's will leaves most of his property to his brother, Jeff, and also names Jeff as executor of the will. But Jerry's sister, Janine, feels that Jerry made the will under improper pressure from Jeff, and brings a lawsuit to challenge it. The court appoints an administrator ad litem to represent Jerry's estate while the lawsuit is in progress. Also known as administrator ad prosequendum, meaning administrator 'during the prosecution.' administrator ad prosequendum See administrator ad litem.administrator cum testamento annexo See administrator with will annexed. administrator de bonis non (DBN) Latin for 'administrator of goods not administered.' This term refers to the person appointed by a probate court to finish probate proceedings when the executor or previous administrator can't finish the job.administrator de bonis non cum testamento annexo (DBNCTA) A baffling title for an administrator appointed by a probate court to take over probate proceedings when the named executor dies, leaving the job unfinished.administrator pendente lite Latin for 'administrator pending litigation.' This term refers to the person appointed by a court to begin probate proceedings during a lawsuit that challenges the will. The administrator pendente lite takes an inventory of the deceased person's property and handles the business affairs of the estate until the dispute is settled. Also called a special administrator.administrator with will annexed An administrator who takes the place of an executor under a will. The administrator steps in either when a will fails to nominate an executor or the named executor is unable to serve. Also called administrator cum testamento annexo or CTA, the Latin version of 'with the will annexed.'
PRETERMITTED HEIR
A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child b... (more...)
A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child born or adopted after the will is made may be deemed a pretermitted heir. If the court determines that an heir was accidentally omitted, that heir is entitled to receive the same share of the estate as she would have if the deceased had died without a will. A pretermitted heir is sometimes called an 'omitted heir.'
SAMPLE LEGAL CASES
In re Estate of Feinberg
This case involves a dispute among the surviving children and grandchildren of Max and Erla
Feinberg regarding the validity of a trust provision. The circuit court of Cook County found the
trust provision unenforceable on the basis that it is contrary to the public policy of the state ...
In re Estate of Feinberg
In re ESTATE OF Max FEINBERG, Deceased (Leila R. Taylor, as Independent Coexecutor of
the Will of Max Feinberg, Deceased, Plaintiff-Appellant, v. Michael B. Feinberg, Individually and
as Coexecutor of the Will of Max Feinberg, Deceased; Fifth Third Bank, as Trustee under ...
In re Estate of Ellis
Grace Ellis executed a will in 1964 naming Shriners Hospitals for Children (Shriners) as beneficiary
of her estate if she died without direct descendants. In 1999, she executed a new will naming
James G. Bauman as sole beneficiary. Bauman was the pastor of the church of which ...
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