Bethany Beach Wills & Probate Lawyer, Delaware
Includes: Estate Administration, Living Wills, Wills
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38854 Bayberry Ct, Millville, DE 19970
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Larry W. Fifer
Real Estate, Wills & Probate, Trusts, Criminal
Status: In Good Standing Licensed: 51 Years
1201-B Savannah Road, Lewes, DE 19958
Profile LAWPOINTS™32/100
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323 Rehoboth Ave, Rehoboth Beach, DE 19971
Profile LAWPOINTS™15/100
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LEGAL TERMS
POWER OF APPOINTMENT
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust o... (more...)
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.
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.
FAMILY POT TRUST
See pot trust.
SUCCESSOR TRUSTEE
The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.
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.'
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.
GENERATION-SKIPPING TRUST
A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income fro... (more...)
A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income from the trust. Because the children (the middle generation) never legally own the property, it isn't subject to estate tax at their death. See generation-skipping transfer tax.
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.
SPECIAL ADMINISTRATOR
(1) In the law of wills and estates, a person appointed by the court to take charge of only a designated portion of an estate during probate. For example, a spe... (more...)
(1) In the law of wills and estates, a person appointed by the court to take charge of only a designated portion of an estate during probate. For example, a special administrator with particular expertise on art might be appointed to oversee the probate of a wealthy person's art collection, but not the entire estate. (2) A person appointed to be responsible for a deceased person's property for a limited time or during an emergency, such as a challenge to the will or to the qualifications of the named executor. In such cases, the special administrator's duty is to maintain and preserve the estate, not necessarily to take control of the probate process
SAMPLE LEGAL CASES
Reis v. Hazelett Strip-Casting Corp.
... The will was probated before the Probate Court in and for Chittendon County, Vermont (the
"Probate Court"). B. Bill And David Respond To The Bequests. ... At a probate hearing in February
2005, two such individuals asserted that they were entitled to shares under the will. ...
Eaton v. Larrimore
... The couple, however, never remarried. After Mr. Larrimore's death, Mrs. Larrimore attempted
to admit the 1999 document to probate. ... The Kent County Register of Wills determined that
the 1999 document was not a will, and therefore declined probate. ...
Sloan v. Segal
... In March 2003, Louis obtained a limited voluntary guardianship from a Florida probate
court over Patricia's property to press the claims regarding the assets of the Martin
Sloan Trust on Patricia's behalf. Louis failed to disclose ...
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