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Colleen R. Stumpf

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Estate Administration, Partnerships, Business Successions, Business Organization
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Estate Planning, Family Law, Corporate, Professional Malpractice
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Business Organization, Wills & Probate, Corporate, Estate Planning
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Richard Adams Blakely

Eminent Domain, Banking & Finance, Wills & Probate, Estate Planning
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John J. Shimek

Real Estate, Mental Health, Estate Planning, Employment
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Richard A. Blakely

Real Estate, Estate Administration, Estate Planning, Adoption
Status:  In Good Standing           Licensed:  36 Years

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LEGAL TERMS

INTESTATE SUCCESSION

The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest s... (more...)
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.

GRANTOR

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

NONPROBATE

The distribution of a deceased person's property by any means other than probate. Many types of property pass free of probate, including property left to a surv... (more...)
The distribution of a deceased person's property by any means other than probate. Many types of property pass free of probate, including property left to a surviving spouse and property left outside of a will through probate-avoidance methods such as pay-on-death designations, joint tenancy ownership, living trusts and life insurance. Property that avoids probate is sometimes described as the 'nonprobate estate.' Nonprobate distribution may also occur if the deceased person leaves an invalid will. In that case, property will pass according to the particular state's laws of intestate succession.

HEIR APPARENT

One who expects to be receive property from the estate of a family member, as long as she outlives that person.

AUGMENTED ESTATE

In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used on... (more...)
In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used only in some states. Its value is calculated only if a surviving spouse declines whatever he or she was left by will and instead claims a share of the deceased spouse's estate. (This is called taking against the will.) The amount of this 'statutory share' or 'elective share' depends on state law.

RESIDUARY BENEFICIARY

A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leav... (more...)
A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leaving his home to Edwina and the remainder of his property to Elmo, then Elmo is the residuary beneficiary.

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.

ENDOWMENT INSURANCE

Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death.... (more...)
Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death. If the policy-holder dies sooner, the beneficiary named in the policy receives the proceeds.

TITLE COMPANY

A company that issues title insurance.

SAMPLE LEGAL CASES

Estate of Considine v. Wachovia Bank

¶ 2 Matthew Considine died on May 23, 2000. On June 2, 2005, the administrator of his estate [1] filed a civil action in the Montgomery County Court of Common Pleas naming Wachovia Bank [2] and Appellee Robert E. Rozinski defendants. The complaint alleged that Appellee was ...

In re Estate of Sauers

¶ 2 Pursuant to an employee group benefit plan, effective June 1, 1997, Paul J. Sauers, III, ("Decedent") obtained a $40,000.00 life insurance policy issued by the Hartford Life Insurance Company ("Insurer"). There is no dispute that the insurance policy is part of an employee ...

Estate of Hicks v. Dana Companies, LLC

¶ 1 This is a consolidated appeal from the judgment entered against Appellants, Dana Companies, LLC f/k/a Dana Corporation (Dana) and John Crane, Inc., f/k/a Crane Packing (Crane), in this products liability action initiated by Appellee, the Estate of Louis A. Hicks, ...

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