Centerview Trusts Lawyer, Missouri, page 2
Richard W Shankland
Real Estate, Wills & Probate, Trusts, Estate, Employee Rights
Status: In Good Standing
1100 Main Street, Kansas City, MO 64105
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Richard W Shankland
Real Estate, Wills & Probate, Trusts, Estate, Child Custody
Status: In Good Standing
1100 Main Street, Kansas City, MO 64105
Profile LAWPOINTS™20/100
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LEGAL TERMS
MARITAL LIFE ESTATE TRUST
See AB trust.
PROBATE COURT
A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate cour... (more...)
A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate court' in New York and several other states, this court normally examines the authenticity of a will -- or if a person dies intestate, figures out who receives her property under state law. It then oversees a procedure to pay the deceased person's debts and to distribute her assets to the proper inheritors. See probate.
GRANT DEED
A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as descri... (more...)
A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed.
LIFE BENEFICIARY
A person who receives benefits, under a trust or by will, for his or her lifetime. For an example, see AB trust.
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.
CREDIT SHELTER TRUST
See AB trust.
FAMILY POT TRUST
See pot trust.
SELF-PROVING WILL
A will that is created in a way that allows a probate court to easily accept it as the true will of the person who has died. In most states, a will is self-prov... (more...)
A will that is created in a way that allows a probate court to easily accept it as the true will of the person who has died. In most states, a will is self-proving when two witnesses sign under penalty of perjury that they observed the willmaker sign it and that he told them it was his will. If no one contests the validity of the will, the probate court will accept the will without hearing the testimony of the witnesses or other evidence. To make a self-proving will in other states, the willmaker and one or more witnesses must sign an affidavit (sworn statement) before a notary public certifying that the will is genuine and that all willmaking formalities have been observed.
UNIFORM TRANSFER-ON-DEATH SECURITY ACT
A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using... (more...)
A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using a simple form that names a person to receive the property after the owner's death. Every state but Texas has adopted the statute.
SAMPLE LEGAL CASES
Wilson v. Rhodes
... 875 JEFFREY W. BATES, Chief Judge. The trial court granted a summary judgment requiring
the successor trustees of two trusts to distribute certain assets to the personal representative
of a decedent's estate. ... In September 1992, Husband and Wife established individual trusts. ...
Hardt v. Vitae Foundation, Inc.
... This rule applied to gifts both to charitable trusts and charitable corporations and was made
primarily to prevent potential beneficiaries without a "special interest" in the gift from "vex[ing]"
public charities with "frequent suits, possibly based on an inadequate investigation." Id. ...
Schumacher v. Schumacher
... Upon Grantor's death in May of 1998, the revocable trust split into three separate
trusts: a qualified terminable interest property trust ("QTIP trust"), a marital trust, and
a family trust. Topper is the sole trustee of the three trusts. ...
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