A person or entity who inherits real estate under the terms of a will.
SUCCESSOR TRUSTEE
The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.
FUNDING A TRUST
Transferring ownership of property to a trust.
PRETERMITTED HEIR
A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child b... (more...)
A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child born or adopted after the will is made may be deemed a pretermitted heir. If the court determines that an heir was accidentally omitted, that heir is entitled to receive the same share of the estate as she would have if the deceased had died without a will. A pretermitted heir is sometimes called an 'omitted heir.'
SUMMARY PROBATE
A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are ... (more...)
A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are complicated, but a few examples include estates worth up to $100,000 in California; New York estates where property, excluding real estate and amounts that must be set aside for surviving family members, is worth $20,000 or less; and Texas estates where the value of property doesn't exceed what is needed to pay a family allowance and certain creditors.
ENTITY
An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from i... (more...)
An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from its individual members--for example, a corporation, partnership, trust, estate or government agency. The entity is treated like a person; it can function legally, be sued, and make decisions through agents.
IRREVOCABLE TRUST
A permanent trust. Once you create it, it cannot be revoked, amended or changed in any way.
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.
FAILURE OF ISSUE
A situation in which a person dies without children who could have inherited her property.
... Thomas Moore, Ann McCabe, and US Bank (Moores) are trustees of eight appellant family trusts
(Moore Trusts) that brought suit against respondent Cold Spring Granite Company (CSG) and
its chairman and CEO respondent Patrick D. Alexander after CSG stock belonging to ...
... intent to limit Medicaid to the financially needy, many individuals exploited a loophole in the
Medicaid statute allowing them to attain Medicaid eligibility while preserving assets for their heirs
by transferring their assets to irrevocable Medicaid-qualifying trusts (MQTs). ...
... Carlson v. SALA Architects, Inc., 732 NW2d 324, 331 (Minn.App.2007), review denied
(Minn. Aug. 21, 2007). Fiduciary relationships arise when one person trusts and confides
in another who has superior knowledge and authority. Id. at 330. ...