Harrison Trusts Lawyer, Arkansas
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132 N Willow St, Harrison, AR 72601
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Harrison, AR 72602
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Mountain Home, AR 72654
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LEGAL TERMS
DISCHARGE (OF PROBATE ADMINISTRATOR)
A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties hav... (more...)
A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties have been completed but may happen sooner if the executor or administrator wishes to withdraw or is dismissed.
TRUST CORPUS
Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, t... (more...)
Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, that money is the corpus. Sometimes the trust corpus is known as the 'res,' a Latin word meaning 'thing.'
RULE AGAINST PERPETUITIES
An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For examp... (more...)
An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For example, a person would not be allowed to leave property to her husband for his life, then to her children for their lives, then to her grandchildren. The gift would potentially go to the grandchildren at a point too remote in time.
CERTIFICATION OF TRUST
See abstract of trust.
REAL ESTATE AGENT
A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must hav... (more...)
A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must have a state license and be supervised by a real estate broker. Most agents are completely dependent upon commissions from sellers for their income, so it pays to find out which side the agent represents (buyer, seller or both) before you place too much trust in the agent's opinion.
INHERIT
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will... (more...)
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.
HEIR APPARENT
One who expects to be receive property from the estate of a family member, as long as she outlives that person.
OFFICER
A person elected by a profit or nonprofit corporation's board of directors, or by the manager of a limited liability company, to manage the day-to-day operation... (more...)
A person elected by a profit or nonprofit corporation's board of directors, or by the manager of a limited liability company, to manage the day-to-day operations of the organization. Officers generally hold titles such as President or Treasurer. Many states and most corporate bylaws or LLC operating agreements require a corporation or LLC to have a president, secretary and treasurer. Election of a vice president may be required by state law.
SPENDTHRIFT TRUST
A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the benefi... (more...)
A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.
SAMPLE LEGAL CASES
Evans v. Blankenship
... The record reflects that the present case stems from litigation that arose in the Jefferson County
Circuit Court regarding matters involving two trusts, the Samuel Wirt Blankenship, Jr., Revocable
Living Trust, and the Julia Cooke Blankenship Revocable Living Trust (hereinafter ...
Unknown Heirs of Warbington v. First Community Bank
... He died in 1984, leaving the property to his wife, Catherine Warbington, the Warbington Family
Trust and the Catherine M. Warbington Marital Trust (sometimes referred to as "trusts"). The trustee
of the trusts was Bert John Warbington ("Bert Warbington" or "trustee"). ...
FirstPlus Home Loan Owner 1997-1 v. Bryant
... The cause of action by the representative plaintiffs, individually, and on behalf of the members
of each subclass, seeks damages arising from the payment by them of interest that they allege
is usurious to the trust or trusts and their trustees that own or owned their loans. ...
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