Copperas Cove Trusts Lawyer, Texas

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LEGAL TERMS

FAILURE OF ISSUE

A situation in which a person dies without children who could have inherited her property.

TESTAMENTARY TRUST

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

INCOMPETENCE

The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at ... (more...)
The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at which the person is present and/or represented by an attorney. A finding of incompetence may lead to the appointment of a conservator to manage the person's affairs. Also known as 'incompetency.'

QDOT TRUST

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spo... (more...)
A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spouse. QDOT stands for qualified domestic trust.

CREDIT SHELTER TRUST

See AB trust.

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).

REAL ESTATE AGENT

A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must hav... (more...)
A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must have a state license and be supervised by a real estate broker. Most agents are completely dependent upon commissions from sellers for their income, so it pays to find out which side the agent represents (buyer, seller or both) before you place too much trust in the agent's opinion.

LIFE BENEFICIARY

A person who receives benefits, under a trust or by will, for his or her lifetime. For an example, see AB trust.

MARITAL LIFE ESTATE TRUST

See AB trust.

SAMPLE LEGAL CASES

In re Townley Bypass Unified Credit Trust

... Further, the Hawaii court quoted from a second edition of Scott's treatise on trusts. The same provision of that treatise is now found at IIA AUSTIN WAKEMAN SCOTT & WILLIAM FRANKLIN FRATCHER, THE LAW OF TRUSTS § 158.1 (4th ed.1987): ...

Alpert v. Riley

... [1] Our disposition of the case remains unchanged. In this trust management dispute involving three separate trusts, Roman Alpert and Renee Picazo, Guardian of the Estate of Daniel Alpert, a minor (collectively, the beneficiaries), appeal the trial court's judgment. ...

Kennedy v. Hudnall

... This is an attempt to appeal from a post-judgment order. The plaintiffs below 522 were several trusts [1] (collectively, the Trusts) who, on February 14, 2007, had obtained a final judgment of just over $300,000.00 against Major Kennedy, Jr., for theft of timber. ...

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