Conesus Trusts Lawyer, New York

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LEGAL TERMS

HEIR AT LAW

A person entitled to inherit property under intestate succession laws.

LETTERS TESTAMENTARY

The document given to an executor by the probate court, authorizing the executor to settle the estate according to either a will or the state's intestate succes... (more...)
The document given to an executor by the probate court, authorizing the executor to settle the estate according to either a will or the state's intestate succession laws.

SPECIAL ADMINISTRATOR

(1) In the law of wills and estates, a person appointed by the court to take charge of only a designated portion of an estate during probate. For example, a spe... (more...)
(1) In the law of wills and estates, a person appointed by the court to take charge of only a designated portion of an estate during probate. For example, a special administrator with particular expertise on art might be appointed to oversee the probate of a wealthy person's art collection, but not the entire estate. (2) A person appointed to be responsible for a deceased person's property for a limited time or during an emergency, such as a challenge to the will or to the qualifications of the named executor. In such cases, the special administrator's duty is to maintain and preserve the estate, not necessarily to take control of the probate process

CURATOR

See conservator.

IN TERROREM

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement... (more...)
Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement. For example, a will might state that an heir will forfeit her inheritance if she challenges the validity of the will. Of course, if the will is challenged and found to be invalid, then the clause itself is also invalid and the heir takes whatever she would have inherited if there were no will.

LAPSE

Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. S... (more...)
Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.

FINAL BENEFICIARY

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jan... (more...)
The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.

HEIR APPARENT

One who expects to be receive property from the estate of a family member, as long as she outlives that person.

INVESTOR

A person who makes investments. An investor may act either for herself or on behalf of others. A stock broker or mutual fund manager, for instance, makes invest... (more...)
A person who makes investments. An investor may act either for herself or on behalf of others. A stock broker or mutual fund manager, for instance, makes investments for others who have entrusted her with their money.

SAMPLE LEGAL CASES

Tzolis v. Wolff

... Chancellor Walworth applied to a joint stock corporation — then a fairly new kind of entity — a familiar principle of the law of trusts: that a beneficiary (or "cestui que trust") could bring suit on behalf of a trust when a faithless trustee refused to do so. ...

IN THE MATTER OF DE SANCHEZ

... In 1927, two years before the Great Depression, Elizabeth Laurent de Sanchez, whose family owned a sugar plantation in Cuba, set up seven inter vivos trusts for the benefit of her six children—Emilio (two trusts in his name), Jorge, Julio, Marcelo, Maria and Gabriela. ...

Matter of Mergenhagen

... as appealed from is unanimously reversed on the law without costs, 1487 the petitions are granted in part, the termination of trust dated October 10, 1994 is vacated, respondent David M. Mergenhagen is removed as trustee from the 1991 and 1994 irrevocable trusts, he is ...

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