Harwood Trusts Lawyer, North Dakota
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Kristen Lynn Traiser
Litigation, Trusts, Estate Planning, Estate, Misdemeanor
Status: In Good Standing Licensed: 11 Years
474 45Th St. S., Fargo, ND 58103
Profile LAWPOINTS™34/100
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Sheri L Schrock
International, Trusts, Gift Taxation, Estate
Status: In Good Standing Licensed: 36 Years
Fargo, ND 58106
Profile LAWPOINTS™34/100
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Robert E. Rosenvold
Real Estate, Wills & Probate, Trusts, Estate Planning
Status: In Good Standing Licensed: 52 Years
444 Sheyenne Street, West Fargo, ND 58078
Profile LAWPOINTS™21/100
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LEGAL TERMS
KINDRED
Under some state's probate codes, all relatives of a deceased person.
TITLE COMPANY
A company that issues title insurance.
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.'
RESIDUARY ESTATE
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.
ALTERNATE BENEFICIARY
A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to ... (more...)
A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.
DISINHERIT
To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit prope... (more...)
To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit property -- a close family member, for example -- should not receive it. In most states, you cannot completely disinherit your spouse; a surviving spouse has the right to claim a portion (usually one-third to one-half) of the deceased spouse's estate. With a few exceptions, however, you can expressly disinherit children.
STATUTORY SHARE
The portion of a deceased person's estate that a spouse is entitled to claim under state law. The statutory share is usually one-third or one-half of the deceas... (more...)
The portion of a deceased person's estate that a spouse is entitled to claim under state law. The statutory share is usually one-third or one-half of the deceased spouse's property, but in some states the exact amount of the spouse's share depends on whether or not the couple has young children and, in a few states, on how long the couple was married. In most states, if the deceased spouse left a will, the surviving spouse must choose either what the will provides or the statutory share. Sometimes the statutory share is known by its more arcane legal name, dower and curtesy, or as a forced or elective share.
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.
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.
SAMPLE LEGAL CASES
AGNES M. GASSMANN REVOCABLE v. Reichert
... MARIG, Justice. [¶ 1] Mary Reichert, Jo Anne Dalhoff, and James Gassmann appeal from a district
court judgment reforming the terms of their parents' revocable living trusts and determining that
John T. Gassmann was to receive farmland held in a limited liability limited ...
Oyloe v. NORTH DAKOTA DEPT. OF HUMAN SERV.
... V William F. Fratcher, Scott on Trusts § 411 (1989). ... Where the intended trust fails in part, there
is a resulting trust of so much of the property as is not appropriated to the part of the trust that
does not fail." V William F. Fratcher, Scott on Trusts § 411.2, p. 30 (1989). ...
Langer v. Pender
... a reference to whoever is serving as Trustee, or Co-trustee, whether original, alternate or any
successor thereof, and references to "Trust" or "Trust Estate" shall be interchangeable as the
context allows and relate to the Separate Trust Estate of the various trusts created herein ...
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