Etowah County, AL Trusts Lawyers
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William Roy Willard
Real Estate, Wills & Probate, Trusts, Criminal
Status: Inactive Licensed: 54 Years
420 S 4th St, Gadsden, AL 35901
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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.
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.
EXECUTOR
The person named in a will to handle the property of someone who has died. The executor collects the property, pays debts and taxes, and then distributes what's... (more...)
The person named in a will to handle the property of someone who has died. The executor collects the property, pays debts and taxes, and then distributes what's left, as specified in the will. The executor also handles any probate court proceedings and notifies people and organizations of the death. Also called personal representatives.
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.
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.
DEVISEE
A person or entity who inherits real estate under the terms of a will.
INTESTATE SUCCESSION
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest s... (more...)
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.
TESTAMENTARY TRUST
A trust created by a will, effective only upon the death of the willmaker.
REMAINDERMAN
Someone who will inherit property in the future. For instance, if someone dies and leaves his home 'to Alma for life, and then to Barry,' Barry is a remainderma... (more...)
Someone who will inherit property in the future. For instance, if someone dies and leaves his home 'to Alma for life, and then to Barry,' Barry is a remainderman because he will inherit the home in the future, after Alma dies.
SAMPLE LEGAL CASES
Ex parte Synovus Trust Co., NA
... [2]. The Raineses allege that, in connection with the creation of the Robert F. Raines Management
Trust and the Helen H. Raines Management Trust ("the trusts"), Mr. and Mrs. Raines each entered
into an investment agreement with Synovus Trust Corporation. ...
Ex parte Byrom
... This Court held that § 43-8-224 did not apply to trusts. ... We further rejected the argument that we
should follow some other "jurisdictions in which courts have found that an antilapse statute, on
its face applicable only to wills, reaches trusts as well." 888 So.2d at 485. ...
Regions Bank v. Reed
REGIONS BANK v. Jean W. REED, individually and as cotrustee of the Clement S. Walter Trust;
Mary W. Haynes, individually and as cotrustee of the Clement S. Walter Trust; and Susan W.
Stockham, individually and as trustee and cotrustee of various family trusts. ...
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