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LEGAL TERMS

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.

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.

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.'

POWER OF APPOINTMENT

The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust o... (more...)
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.

ENDOWMENT INSURANCE

Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death.... (more...)
Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death. If the policy-holder dies sooner, the beneficiary named in the policy receives the proceeds.

FAMILY POT TRUST

See pot trust.

RESIDUARY BENEFICIARY

A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leav... (more...)
A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leaving his home to Edwina and the remainder of his property to Elmo, then Elmo is the residuary beneficiary.

CURATOR

See conservator.

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.

SAMPLE LEGAL CASES

Estate of Beavers v. Knapp

{¶ 2} This action arises out of an October 9, 2001 motorcycle-truck collision that resulted in the death of Robert L. Beavers Jr. Knapp, who was newly 765 employed as a truck driver by Rush, was traveling from the Rush facility in Dayton, Ohio to Columbus, where he was ...

Estate of Stevic v. Bio-Medical Application of Ohio, Inc.

{¶ 3} In October 2003, Donald Stevic went to the Richland County Kidney Dialysis Center for dialysis treatment. Appellant, Bio-Medical Application of Ohio, Inc., dba FMC Dialysis Services of Richland County ("Bio-Medical"), owns and operates the Richland County Kidney ...

Estate of Graves v. Circleville

{¶ 1} This appeal involves the availability of the public-duty rule as a defense to liability of employees of a political subdivision. Appellants, Circleville Police Department Officers Peter Shaw, William Eversole, and Ben Carpenter [1] ("the officers"), assert that the public-duty rule governs ...

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