An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral right... (more...)

An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral rights is usually entitled to either take the minerals from the land himself or receive a royalty from the party that actually extracts the minerals.

DISCHARGE (OF PROBATE ADMINISTRATOR)

A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties hav... (more...)

A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties have been completed but may happen sooner if the executor or administrator wishes to withdraw or is dismissed.

CERTIFICATION OF TRUST

See abstract of trust.

BENEFICIARY

A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.

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.

KINDRED

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

NET ESTATE

The value of all property owned at death less liabilities or debts.

INTESTATE

The condition of dying without a valid will. The probate court appoints an administrator to distribute the deceased person's property according to state law.

ABATEMENT

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other exp... (more...)

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other expenses. Gifts left in the will are cut back in order to pay taxes, satisfy debts or take care of other gifts that are given priority under law or by the will itself.

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Lee County, KY Estate Lawyers

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LEGAL TERMS

MINERAL RIGHTS

DISCHARGE (OF PROBATE ADMINISTRATOR)

CERTIFICATION OF TRUST

BENEFICIARY

UNIFORM TRANSFER-ON-DEATH SECURITY ACT

KINDRED

NET ESTATE

INTESTATE

ABATEMENT

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