Bonney Lake Trusts Lawyer, Washington

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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.

HEIR AT LAW

A person entitled to inherit property under intestate succession laws.

TESTAMENTARY TRUST

A trust created by a will, effective only upon the death of the willmaker.

CERTIFIED COPY

A copy of a document issued by a court or government agency guaranteed to be a true and exact copy of the original. Many agencies and institutions require certi... (more...)
A copy of a document issued by a court or government agency guaranteed to be a true and exact copy of the original. Many agencies and institutions require certified copies of legal documents before permitting certain transactions. For example, a certified copy of a death certificate is required before a bank will release the funds in a deceased person's payable-on-death account to the person who has inherited them.

TRUSTEE

The person who manages assets owned by a trust under the terms of the trust document. A trustee's purpose is to safeguard the trust and distribute trust income ... (more...)
The person who manages assets owned by a trust under the terms of the trust document. A trustee's purpose is to safeguard the trust and distribute trust income or principal as directed in the trust document. With a simple probate-avoidance living trust, the person who creates the trust is also the trustee.

TRUST MERGER

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separati... (more...)
Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust 'merges' and ceases to exist.

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.

KINDRED

Under some state's probate codes, all relatives of a deceased person.

PER STIRPES

Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. F... (more...)
Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living 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 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). If, on the other hand, Fred's will states that the property is to be divided per capita, Julie and the two grandchildren will each take a third.

SAMPLE LEGAL CASES

Jain v. JP Morgan Securities, Inc.

... 3 For the benefit of their children, Jain and his wife Anuradha established three trusts for which Jain's brother served as trustee. Two ... certificates. Two of the trusts were entitled to nearly one million shares, and the third to 500,000 shares. ...

BOARD OF TRUSTEES OF GLASSWORKERS & INDUSTRY HEALTH/SECURITY TRUST FUND v. BOOTH GLASS CO.

... In October 2006, the Board of Trustees of the Glassworkers and Industry Health & Security Trust Fund, Western Glaziers Retirement Trust Fund, and Puget Sound Northwest Glaziers & Glassworkers Apprenticeship and Training Trust Fund ("the Trusts") filed a complaint for ...

SEVEN v. STOEL RIVES, LLP

... The law firm of Stoel Rives, LLP, prepared a will for Resoff. The will appointed Seven and George Steers, a lawyer at the firm, co-executors of his estate and co-executors of his testamentary trusts. ... She sought damages and an equitable portion of several of the trusts. ...

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