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.

DEVISEE

A person or entity who inherits real estate under the terms of a will.

POUR-OVER WILL

A will that 'pours over' property into a trust when the will maker dies. Property left through the will must go through probate before it goes into the trust.

BEQUEATH

A legal term sometimes used in wills that means 'leave' -- for example, 'I bequeath my garden tools to my brother-in-law, Buster Jenkins.'

CURATOR

See conservator.

WILL

A document in which you specify what is to be done with your property when you die and name your executor. You can also use your will to name a guardian for you... (more...)

A document in which you specify what is to be done with your property when you die and name your executor. You can also use your will to name a guardian for your young children.

GRANTOR

Someone who creates a trust. Also called a trustor or settlor.

CHARITABLE TRUST

Any trust designed to make a substantial gift to a charity and also achieve income and estate tax savings for the person who creates the trust (the grantor).

INTESTATE

The condition of dying without a valid will. The probate court appoints an administrator to distribute the deceased person's property according to state law.

SAMPLE LEGAL CASES

HIGH POINT BANK AND TRUST COMPANY v. SAPONA MANUFACTURING COMPANY, INC.

... to the defendant corporations; (3) Sapona made the same tender offer again in 2000; and (4) Mrs. Simmons wanted the proceeds of the purchased shares to benefit her adult son, Bo, and she expressed her belief to the trust officer in charge of her estate planning, Ms. Elizabeth ...

Mileski v. McConville

... contends the executors of Ms. Mileski's estate had knowledge of his claims against the estate because they knew or should have known that the transfer of his assets to Ms. Mileski's name was unauthorized and that Ms. Mileski breached the joint estate planning agreement. ...

Sandy Ridge Estate Planning Lawyer, North Carolina

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TIPS

LEGAL TERMS

SUMMARY PROBATE

DEVISEE

POUR-OVER WILL

BEQUEATH

CURATOR

WILL

GRANTOR

CHARITABLE TRUST

INTESTATE

SAMPLE LEGAL CASES

HIGH POINT BANK AND TRUST COMPANY v. SAPONA MANUFACTURING COMPANY, INC.

Mileski v. McConville

HIGH POINT BANK & TRUST CO. v. SAPONA MFG.

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