Greenwood Wills & Probate Lawyer, Mississippi
Includes: Estate Administration, Living Wills, Wills
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Helen Eileen Morris Wade
Personal Injury, Family Law, Commercial Real Estate, Wills
Status: In Good Standing Licensed: 31 Years
900 S Chrisman Ave, Cleveland, MS 38732
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LEGAL TERMS
PROBATE
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased pers... (more...)
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased person's affairs identifying and inventorying the deceased person's property paying debts and taxes identifying heirs, and distributing the deceased person's property according to the will or, if there is no will, according to state law. Formal court-supervised probate is a costly, time-consuming process -- a windfall for lawyers -- which is best avoided if possible.
ACCUMULATION TRUST
A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nic... (more...)
A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nick's benefit but stipulates that Nick will not get a penny until he gets a Ph.D. in French; Nick is the beneficiary of an accumulation 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.
INTER VIVOS TRUST
The Latin name, favored by some lawyers, for a living trust. 'Inter vivos' is Latin for 'between the living.'
POUR-OVER WILL
A will that 'pours over' property into a trust when the will maker dies. Property left through the will must go through probate before it goes into the trust.
HEIR APPARENT
One who expects to be receive property from the estate of a family member, as long as she outlives that person.
EXECUTOR
The person named in a will to handle the property of someone who has died. The executor collects the property, pays debts and taxes, and then distributes what's... (more...)
The person named in a will to handle the property of someone who has died. The executor collects the property, pays debts and taxes, and then distributes what's left, as specified in the will. The executor also handles any probate court proceedings and notifies people and organizations of the death. Also called personal representatives.
AB TRUST
A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of... (more...)
A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of the property goes to the beneficiaries named in the trust -- commonly, the grown children of the couple -- with the crucial condition that the surviving spouse has the right to use the property for life and is entitled to any income it generates. The surviving spouse may even be allowed to spend principal in certain circumstances. When the surviving spouse dies, the property passes to the trust beneficiaries. It is not considered part of the second spouse's estate for estate tax purposes. Using this kind of trust keeps the second spouse's taxable estate half the size it would be if the property were left directly to the spouse. This type of trust is also known as a bypass or credit shelter trust.
EXEMPTION TRUST
A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth m... (more...)
A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property passes free from estate tax because of the personal exemption, and the rest is shielded from tax under the surviving spouse's marital deduction.
SAMPLE LEGAL CASES
Estate of Griffith v. Griffith
... 1. In this will contest, the petitioner appeals from the chancellor's order rejecting the probate of
the decedent's alleged last will and testament. ... FACTS. ¶ 2. On February 27, 2006, Garland L.
Griffith filed a petition to probate the purported last will of his brother, Howard Griffith. ...
In re Estate of Laughter
... 11. In September 2005, Foster and Williams filed petitions for probate of the March will and
the May will, respectively. ... Williams immediately moved to strike Foster's original probate claim,
which motion was granted on March 19, following a hearing. ¶ 15. ...
Tatum v. Wells
... 1966. [1] Eldridge's will was admitted into probate in Tunica County, Mississippi on
October 2, 1967. Proof ... in. 4. The Order Admitting Will to Probate and Record contains
statements which Robert A. Tatum knew were false. 741 ...
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