Banner Trusts Lawyer, Wyoming
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LEGAL TERMS
FAMILY POT TRUST
See pot trust.
FAILURE OF ISSUE
A situation in which a person dies without children who could have inherited her property.
INHERITANCE TAXES
Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited prop... (more...)
Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited property.
INTER VIVOS TRUST
The Latin name, favored by some lawyers, for a living trust. 'Inter vivos' is Latin for 'between the living.'
ADMINISTRATION (OF AN ESTATE)
The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. I... (more...)
The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. If not, the court appoints someone, who is generally known as the administrator. In some states, the person is called the 'personal representative' in either instance.
INHERIT
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will... (more...)
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.
PER STIRPES
Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. F... (more...)
Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. For example, Fred leaves his house jointly to his son Alan and his daughter Julie. But Alan dies before Fred, leaving two young children. If Fred's will states that heirs of a deceased beneficiary are to receive the property 'per stirpes,' Julie will receive one-half of the property, and Alan's two children will share his half in equal shares (through Alan by right of representation). If, on the other hand, Fred's will states that the property is to be divided per capita, Julie and the two grandchildren will each take a third.
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.
RESIDUARY ESTATE
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.
SAMPLE LEGAL CASES
Garwood v. Garwood
... As had been the case while Mrs. Garwood was alive, Mr. Garwood continued to treat
the assets of the Trusts as his own personal funds, and he did not abide by many
of the terms of the Trust documents. He has now expended ...
Omohundro v. Sullivan
... Argument by Mr. Cannon. Before VOIGT, CJ, and GOLDEN, HILL, KITE, and BURKE, JJ. KITE,
Justice. [¶ 1] Appellants (hereinafter referred to as Omohundro Trusts) own interests in ... ISSUES. [¶
2] Omohundro Trusts present this issue for our consideration in Case No. S-08-0027: ...
PURCELLA v. PURCELLA
... Upon Mr. Purcella's death, the successor trustees were to divide the remaining trust assets
between two separate trusts, the Purcella Family Trust (Family Trust) and the Purcella Marital
Trust (Marital Trust). Wife is the income beneficiary of the Marital Trust. ...
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