Boiling Springs Estate Lawyer, Pennsylvania

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LEGAL TERMS

PER CAPITA

Under a will, the most common method of determining what share of property each beneficiary gets when one of the beneficiaries dies before the willmaker, leavin... (more...)
Under a will, the most common method of determining what share of property each beneficiary gets when one of the beneficiaries dies before the willmaker, leaving children of his or her own. For example, Fred leaves his house jointly to his son Alan and his daughter Julie. But Alan dies before Fred, leaving two young children. If Fred's will states that heirs of a deceased beneficiary are to receive the property per capita, Julie and the two grandchildren will each take a third. If, on the other hand, Fred's will states that heirs of a deceased beneficiary are to receive the property per stirpes, Julie will receive one-half of the property, and Alan's two children will share his half in equal shares (through Alan by right of representation).

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.'

SPECIFIC BEQUEST

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequ... (more...)
A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequest fails. In other words, the beneficiary cannot substitute a similar item in the estate. Example: If John leaves his 1954 Mercedes to Patti, and when John dies the 1954 Mercedes is long gone, Patti doesn't receive John's current car or the cash equivalent of the Mercedes. See ademption.

NET ESTATE

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

QTIP TRUST

A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the... (more...)
A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the trust property tax-free. Taxes are deferred until the surviving spouse dies and the trust property is received by the final trust beneficiaries, who were named by the first spouse to die.

TITLE COMPANY

A company that issues title insurance.

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.

WARRANTY DEED

A seldom-used type of deed that contains express assurances about the legal validity of the title being transferred.

CERTIFICATION OF TRUST

See abstract of trust.

SAMPLE LEGAL CASES

Estate of Considine v. Wachovia Bank

¶ 2 Matthew Considine died on May 23, 2000. On June 2, 2005, the administrator of his estate [1] filed a civil action in the Montgomery County Court of Common Pleas naming Wachovia Bank [2] and Appellee Robert E. Rozinski defendants. The complaint alleged that Appellee was ...

In re Estate of Sauers

¶ 2 Pursuant to an employee group benefit plan, effective June 1, 1997, Paul J. Sauers, III, ("Decedent") obtained a $40,000.00 life insurance policy issued by the Hartford Life Insurance Company ("Insurer"). There is no dispute that the insurance policy is part of an employee ...

Estate of Hicks v. Dana Companies, LLC

¶ 1 This is a consolidated appeal from the judgment entered against Appellants, Dana Companies, LLC f/k/a Dana Corporation (Dana) and John Crane, Inc., f/k/a Crane Packing (Crane), in this products liability action initiated by Appellee, the Estate of Louis A. Hicks, ...

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