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LEGAL TERMS

NET ESTATE

The value of all property owned at death less liabilities or debts.

LETTERS TESTAMENTARY

The document given to an executor by the probate court, authorizing the executor to settle the estate according to either a will or the state's intestate succes... (more...)
The document given to an executor by the probate court, authorizing the executor to settle the estate according to either a will or the state's intestate succession laws.

INTER VIVOS TRUST

The Latin name, favored by some lawyers, for a living trust. 'Inter vivos' is Latin for 'between the living.'

MINERAL RIGHTS

An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral right... (more...)
An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral rights is usually entitled to either take the minerals from the land himself or receive a royalty from the party that actually extracts the minerals.

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.

BYPASS TRUST

A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.

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.

ENTITY

An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from i... (more...)
An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from its individual members--for example, a corporation, partnership, trust, estate or government agency. The entity is treated like a person; it can function legally, be sued, and make decisions through agents.

LAPSE

Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. S... (more...)
Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.

SAMPLE LEGAL CASES

In re Estate of Tyner

Lacey Westbrook appeals from an adverse summary judgment rendered in the declaratory judgment action she initiated to have JW Tyner's will construed. Westbrook contends the trial court erroneously determined that she is not a beneficiary under the will, set the wrong postjudgment ...

In re Estate of Rhea

In October 2005, Charlotte and Trenton notified Charles of their intent to remove Wanda's personal property from the marital home. Charles labeled some of the possessions in the home to mark his own separate property, then left the house from November 11 through November 14. ...

In re Estate of Gaines

In eight issues, appellants argue (1) the trial court improperly disqualified Davis from serving as the independent executor because no motion to disqualify or opposition was filed, (2) the trial court erred in requiring Davis to turn over funds, (3) the trial court erred in denying ...