Marenisco Estate Lawyer, Michigan
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LEGAL TERMS
TITLE COMPANY
A company that issues title insurance.
AUGMENTED ESTATE
In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used on... (more...)
In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used only in some states. Its value is calculated only if a surviving spouse declines whatever he or she was left by will and instead claims a share of the deceased spouse's estate. (This is called taking against the will.) The amount of this 'statutory share' or 'elective share' depends on state law.
ADEMPTION
The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she di... (more...)
The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she dies. Often this happens because the property has been sold, destroyed or given away to someone other than the beneficiary named in the will. A bequest may also be adeemed when the will maker, while still living, gives the property to the intended beneficiary (called 'ademption by satisfaction'). When a bequest is adeemed, the beneficiary named in the will is out of luck; he or she doesn't get cash or a different item of property to replace the one that was described in the will. For example, Mark writes in his will, 'I leave to Rob the family vehicle,' but then trades in his car in for a jet ski. When Mark dies, Rob will receive nothing. Frustrated beneficiaries may challenge an ademption in court, especially if the property was not clearly identified in the first place.
CONTINGENT BENEFICIARY
1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisf... (more...)
1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisfied. For example, if Fred is entitled to take property under a will only if he's married at the time of the will maker's death, Fred is a contingent beneficiary. Similarly, if Ellen is named to receive a house only in the event her mother, who has been named to live in the house, moves out of it, Ellen is a contingent beneficiary.
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.
SURROGATE COURT
See probate court.
GROSS ESTATE
For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of prob... (more...)
For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.
BENEFICIARY
A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.
GRANTOR
Someone who creates a trust. Also called a trustor or settlor.
SAMPLE LEGAL CASES
In re Kostin Estate
In Docket No. 272767, respondent Camille A. Kent appeals as of right the probate court's judgment
and order following a bench trial, interpreting a will and trust, determining heirs and
devisees, and determining title to property after decedent Juanita Kostin's death in 2004. ...
In re Nestorovski Estate
723 Payne, Broder & Fossee (by Andrew J. Broder) and Underwood & March (by Lauren M.
Underwood), Bingham Farms, for the petitioner. ... Kemp Klein Law Firm, PC (by Alan A. May
and Debra Nance), Troy, for the respondent. ... Before: SAAD, CJ, and BORRELLO and ...
In re Rudell Estate
During her lifetime, the decedent owned a certain parcel of residential real property located at
1170 Chesterfield in Birmingham, Michigan (the property). In 1982, the decedent properly transferred
ownership of the property to the trust. According to the complaint filed in this matter, the ...
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