Gibson City Trusts Lawyer, Illinois
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LEGAL TERMS
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.
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.
FUNDING A TRUST
Transferring ownership of property to a trust.
KINDRED
Under some state's probate codes, all relatives of a deceased person.
TRUST DEED
The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to... (more...)
The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to a trustee -- often a title company -- who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point, the trustee can sell the property and pay the lender from the proceeds.
BENEFICIARY
A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.
DISCHARGE (OF PROBATE ADMINISTRATOR)
A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties hav... (more...)
A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties have been completed but may happen sooner if the executor or administrator wishes to withdraw or is dismissed.
TRUST CORPUS
Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, t... (more...)
Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, that money is the corpus. Sometimes the trust corpus is known as the 'res,' a Latin word meaning 'thing.'
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.
SAMPLE LEGAL CASES
In re Estate of Feinberg
... 534, 891 NE2d 549. In reaching this conclusion, the appellate court relied on decisions
of this court dating back as far as 1898 and, as noted, on the Restatement (Third) of Trusts.
ISSUE PRESENTED. ... Applicability of Restatement (Third) of Trusts. ...
In re Estate of Feinberg
... Max FEINBERG, Deceased (Leila R. Taylor, as Independent Coexecutor of the Will of Max
Feinberg, Deceased, Plaintiff-Appellant, v. Michael B. Feinberg, Individually and as Coexecutor
of the Will of Max Feinberg, Deceased; Fifth Third Bank, as Trustee under the Trusts of Max ...
Laubner v. JP Morgan Chase Bank, NA
... 747 Justice COOK delivered the opinion of the court: On October 31, 2007, plaintiffs Patricia A.
Laubner and Pamela A. Larson filed an amended petition to remove codefendant Deborah B.
Alley as trustee and to modify the distributions being made from the trusts. ...
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