Quogue Trusts Lawyer, New York

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LEGAL TERMS

DEVISEE

A person or entity who inherits real estate under the terms of a will.

SPECIFIC BEQUEST

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequ... (more...)
A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequest fails. In other words, the beneficiary cannot substitute a similar item in the estate. Example: If John leaves his 1954 Mercedes to Patti, and when John dies the 1954 Mercedes is long gone, Patti doesn't receive John's current car or the cash equivalent of the Mercedes. See ademption.

TRUST MERGER

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separati... (more...)
Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust 'merges' and ceases to exist.

GRANTOR

Someone who creates a trust. Also called a trustor or settlor.

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.'

TESTAMENTARY TRUST

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

WARRANTY DEED

A seldom-used type of deed that contains express assurances about the legal validity of the title being transferred.

DISTRIBUTEE

(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (ca... (more...)
(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (called intestate), state law determines what each distributee will receive. Also called a beneficiary.

INVENTORY

A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or admini... (more...)
A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or administrator of the estate is responsible for making and filing the inventory.

SAMPLE LEGAL CASES

Tzolis v. Wolff

... Chancellor Walworth applied to a joint stock corporation — then a fairly new kind of entity — a familiar principle of the law of trusts: that a beneficiary (or "cestui que trust") could bring suit on behalf of a trust when a faithless trustee refused to do so. ...

IN THE MATTER OF DE SANCHEZ

... In 1927, two years before the Great Depression, Elizabeth Laurent de Sanchez, whose family owned a sugar plantation in Cuba, set up seven inter vivos trusts for the benefit of her six children—Emilio (two trusts in his name), Jorge, Julio, Marcelo, Maria and Gabriela. ...

Matter of Mergenhagen

... as appealed from is unanimously reversed on the law without costs, 1487 the petitions are granted in part, the termination of trust dated October 10, 1994 is vacated, respondent David M. Mergenhagen is removed as trustee from the 1991 and 1994 irrevocable trusts, he is ...

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