Vancouver Trusts Lawyer, Washington

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LEGAL TERMS

GRANTOR

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

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.

SUCCESSION

The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which d... (more...)
The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.

PROVING A WILL

Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily sat... (more...)
Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily satisfies by showing that the will was signed and dated by the deceased person in front of two or more witnesses. When the will is holographic -- that is, completely handwritten by the deceased and not witnessed, it is still valid in many states if the executor can produce relatives and friends to testify that the handwriting is that of the deceased.

HOLOGRAPHIC WILL

A will that is completely handwritten, dated and signed by the person making it. Holographic wills are generally not witnessed. Although it's legal in many stat... (more...)
A will that is completely handwritten, dated and signed by the person making it. Holographic wills are generally not witnessed. Although it's legal in many states, making a holographic will is never advised except as a last resort.

ANCILLARY PROBATE

A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are... (more...)
A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are necessary if the deceased person owned real estate in another state.

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.

INVESTOR

A person who makes investments. An investor may act either for herself or on behalf of others. A stock broker or mutual fund manager, for instance, makes invest... (more...)
A person who makes investments. An investor may act either for herself or on behalf of others. A stock broker or mutual fund manager, for instance, makes investments for others who have entrusted her with their money.

KINDRED

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

SAMPLE LEGAL CASES

Jain v. JP Morgan Securities, Inc.

... 3 For the benefit of their children, Jain and his wife Anuradha established three trusts for which Jain's brother served as trustee. Two ... certificates. Two of the trusts were entitled to nearly one million shares, and the third to 500,000 shares. ...

BOARD OF TRUSTEES OF GLASSWORKERS & INDUSTRY HEALTH/SECURITY TRUST FUND v. BOOTH GLASS CO.

... In October 2006, the Board of Trustees of the Glassworkers and Industry Health & Security Trust Fund, Western Glaziers Retirement Trust Fund, and Puget Sound Northwest Glaziers & Glassworkers Apprenticeship and Training Trust Fund ("the Trusts") filed a complaint for ...

SEVEN v. STOEL RIVES, LLP

... The law firm of Stoel Rives, LLP, prepared a will for Resoff. The will appointed Seven and George Steers, a lawyer at the firm, co-executors of his estate and co-executors of his testamentary trusts. ... She sought damages and an equitable portion of several of the trusts. ...

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