Forest Knolls Estate Lawyer, California

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Free Help: Use This Form or Call 800-814-6700

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LEGAL TERMS

UNIFORM TRANSFER-ON-DEATH SECURITY ACT

A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using... (more...)
A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using a simple form that names a person to receive the property after the owner's death. Every state but Texas has adopted the statute.

LIFE BENEFICIARY

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

SURROGATE COURT

See probate court.

CREDIT SHELTER TRUST

See AB trust.

ACCUMULATION TRUST

A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nic... (more...)
A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nick's benefit but stipulates that Nick will not get a penny until he gets a Ph.D. in French; Nick is the beneficiary of an accumulation trust.

BANKRUPTCY ESTATE

All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankrup... (more...)
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankruptcy estate for the duration of your case.

PERSONAL PROPERTY

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, p... (more...)
All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty. Compare real estate.

WILL

A document in which you specify what is to be done with your property when you die and name your executor. You can also use your will to name a guardian for you... (more...)
A document in which you specify what is to be done with your property when you die and name your executor. You can also use your will to name a guardian for your young children.

RESIDUARY BENEFICIARY

A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leav... (more...)
A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leaving his home to Edwina and the remainder of his property to Elmo, then Elmo is the residuary beneficiary.

SAMPLE LEGAL CASES

In re Estate of Young

Stephen Parker, as administrator of the estate of Irma E. Young, deceased (the Estate), filed this petition under Probate Code section 850, subdivision (a), [1] to request an order and judgment establishing the Estate's ownership of certain real property and personal property held by ...

Estate of Kievernagel

In this case we must decide whether a widow has the right to use her late husband's frozen sperm to attempt to conceive a child where her late husband signed an agreement with the company storing the frozen sperm providing that the frozen sperm was to be discarded upon his ...

Estate of Bennett

Claimants Smith Heavy Industrial Transit Corporation and Advanced Development Holdings, Inc. (collectively Smith), appeal from a probate court order granting the motion of petitioners Lu Ella Bennett, Jack H. Bennett, Jr., and Louise Comer to set aside and rescind a ...

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