Elizabethtown Wills & Probate Lawyer, Indiana
Includes: Estate Administration, Living Wills, Wills
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LEGAL TERMS
ACCUMULATION TRUST
A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nic... (more...)
A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nick's benefit but stipulates that Nick will not get a penny until he gets a Ph.D. in French; Nick is the beneficiary of an accumulation trust.
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.
DEED OF TRUST
See trust deed.
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.
FAILURE OF ISSUE
A situation in which a person dies without children who could have inherited her property.
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.
INHERITANCE TAXES
Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited prop... (more...)
Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited property.
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.
DEATH TAXES
Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who... (more...)
Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who inherit property.
SAMPLE LEGAL CASES
In re Adoption of HNPG
... II. Whether the probate court abused its discretion when it admitted deposition testimony of
HNPG's mother over Blake's objection; and,. III. ... On February 23, 2007, the probate court issued
findings of fact and conclusions of law and found in pertinent part: ...
In re Estate of Eguia
... Telez appeals the probate court's determination that Esther Eguia, Eleazar Gracia, and Mary
Jane Gracia are the trustees of the Sociedad and are entitled in that capacity to receive the
property left to the Sociedad. ... Telez opened a probate case on July 11, 2005. ...
First Farmers Bank & Trust Co. v. Whorley
... On January 24, 2002, Zehring passed away and a probate estate was opened on February 7,
2002. ... The next day, the trial court terminated First Farmers' guardianship and First Farmers was
appointed executor and personal representative of the probate estate. ...
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