Scranton Trusts Lawyer, North Carolina
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117 West 3Rd Street, Washington, NC 27889
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David C. Francisco
Real Estate, Government, Trusts, Corporate
Status: In Good Standing Licensed: 49 Years
117 West 3Rd Street, Washington, NC 27889
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310 Craven St, New Bern, NC 28560
Profile LAWPOINTS™30/100
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LEGAL TERMS
PUBLIC ADMINISTRATOR
Someone appointed by a probate court to oversee probate proceedings when a person dies without a will or heirs, and his or her property is expected to pass to t... (more...)
Someone appointed by a probate court to oversee probate proceedings when a person dies without a will or heirs, and his or her property is expected to pass to the state. Some states have public administrators who are responsible for temporarily preserving the assets of an estate if there are disputes about specific provisions in the will or about who will be appointed the regular administrator.
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.
DEED OF TRUST
See trust deed.
PRETERMITTED HEIR
A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child b... (more...)
A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child born or adopted after the will is made may be deemed a pretermitted heir. If the court determines that an heir was accidentally omitted, that heir is entitled to receive the same share of the estate as she would have if the deceased had died without a will. A pretermitted heir is sometimes called an 'omitted heir.'
PROBATE
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased pers... (more...)
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased person's affairs identifying and inventorying the deceased person's property paying debts and taxes identifying heirs, and distributing the deceased person's property according to the will or, if there is no will, according to state law. Formal court-supervised probate is a costly, time-consuming process -- a windfall for lawyers -- which is best avoided if possible.
PREDECEASED SPOUSE
In the law of wills, a spouse who dies before the will maker while still married to him or her.
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.
TITLE COMPANY
A company that issues title insurance.
AB TRUST
A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of... (more...)
A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of the property goes to the beneficiaries named in the trust -- commonly, the grown children of the couple -- with the crucial condition that the surviving spouse has the right to use the property for life and is entitled to any income it generates. The surviving spouse may even be allowed to spend principal in certain circumstances. When the surviving spouse dies, the property passes to the trust beneficiaries. It is not considered part of the second spouse's estate for estate tax purposes. Using this kind of trust keeps the second spouse's taxable estate half the size it would be if the property were left directly to the spouse. This type of trust is also known as a bypass or credit shelter trust.
SAMPLE LEGAL CASES
Carcano v. JBSS, LLC
... Constructive trusts ordinarily arise from actual or constructive fraud and usually involve the
"`breach of a confidential relationship.'" Patterson v. Strickland, 133 NCApp. ... Trusts created by
operation of law are classified into resulting trusts and constructive trusts. ...
Livesay v. Carolina First Bank
... NC Gen.Stat. § 36C-5-505(a)(3) (2007). The section was enacted in 2005, became effective on
1 January 2006, and applies to. (i) all trusts created before, on, or after that date; (ii) all judicial
proceedings concerning trusts commenced on or after that date; and (iii) judicial ...
In re Ernst & Young, LLP
... Carolina. In 1996, with the assistance of Ernst & Young, Wal-Mart underwent corporate
restructuring to implement these tax shelters and placed substantially all of its real
estate interests in real estate investment trusts ("REITs"). ...
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