Drummond Trusts Lawyer, Montana
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5648 Prospect Dr, Missoula, MT 59808
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LEGAL TERMS
ESTATE PLANNING
The art of continuing to prosper when you're alive, and passing your property to your loved ones with a minimum of fuss and expense after you die. Planning your... (more...)
The art of continuing to prosper when you're alive, and passing your property to your loved ones with a minimum of fuss and expense after you die. Planning your estate may involve making a will, living trust, healthcare directives, durable power of attorney for finances or other documents.
FAILURE OF ISSUE
A situation in which a person dies without children who could have inherited her property.
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.
TRUSTEE POWERS
The provisions in a trust document defining what the trustee may and may not do.
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.'
HEIR APPARENT
One who expects to be receive property from the estate of a family member, as long as she outlives that person.
TESTAMENTARY TRUST
A trust created by a will, effective only upon the death of the willmaker.
CERTIFIED COPY
A copy of a document issued by a court or government agency guaranteed to be a true and exact copy of the original. Many agencies and institutions require certi... (more...)
A copy of a document issued by a court or government agency guaranteed to be a true and exact copy of the original. Many agencies and institutions require certified copies of legal documents before permitting certain transactions. For example, a certified copy of a death certificate is required before a bank will release the funds in a deceased person's payable-on-death account to the person who has inherited them.
ABATEMENT
A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other exp... (more...)
A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other expenses. Gifts left in the will are cut back in order to pay taxes, satisfy debts or take care of other gifts that are given priority under law or by the will itself.
SAMPLE LEGAL CASES
ESTATE OF REEDER v. Olsen
... (referred to collectively as the "Trusts"), appeal the summary judgment order entered by the ...
Christine and Olsen had a telephone conversation in early 2007, while Christine was in Lincoln
County and Olsen was in Colorado, which resulted in Olsen preparing five trusts for her. ...
In Re Estate of Haugen
... This motion to substitute was filed after appellee Audrey A. Haugen (Audrey) filed a verified
petition in the District Court before Judge Phillips seeking to have herself replaced as the
trustee of the Clifford C. Haugen testamentary trusts (Haugen Trusts). ...
In re Baird
... (e) for other good cause. ¶ 11 The official comments to § 72-33-618, MCA, explain that this statute
is based upon the Restatement (Second) of Trusts § 107 (1959), the California Probate Code,
and the Texas Trust Code. ... a; see also Restatement (Third) of Trusts § 37 cmt. ...
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