Haiku Wills & Probate Lawyer, Hawaii, page 2
Includes: Estate Administration, Living Wills, Wills
1883 Mill St, Wailuku, HI 96793
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1883 Mill St, Wailuku, HI 96793
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LEGAL TERMS
FINAL BENEFICIARY
The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jan... (more...)
The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.
HEIR AT LAW
A person entitled to inherit property under intestate succession laws.
GRANTOR RETAINED INCOME TRUST
Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for ... (more...)
Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries you've named. These trusts are for people who have enough wealth to feel comfortable giving away a substantial hunk of property. They come in three flavors: Grantor-Retained Annuity Trusts (GRATs), Grantor-Retained Unitrusts (GRUTs) and Grantor-Retained Income Trusts (GRITs).
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.
PROVING A WILL
Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily sat... (more...)
Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily satisfies by showing that the will was signed and dated by the deceased person in front of two or more witnesses. When the will is holographic -- that is, completely handwritten by the deceased and not witnessed, it is still valid in many states if the executor can produce relatives and friends to testify that the handwriting is that of the deceased.
FAMILY ALLOWANCE
A certain amount of a deceased person's money to which immediate family members are entitled at the beginning of the probate process. The allowance is meant to ... (more...)
A certain amount of a deceased person's money to which immediate family members are entitled at the beginning of the probate process. The allowance is meant to help support the surviving spouse and children during the time it takes to probate the estate. The amount is determined by state law and varies greatly from state to state.
CONSERVATOR
Someone appointed by a judge to oversee the affairs of an incapacitated person. A conservator who manages financial affairs is often called a 'conservator of th... (more...)
Someone appointed by a judge to oversee the affairs of an incapacitated person. A conservator who manages financial affairs is often called a 'conservator of the estate.' One who takes care of personal matters, such as healthcare and living arrangements, is known as a 'conservator of the person.' Sometimes, one conservator is appointed to handle all these tasks. Depending on where you live, a conservator may also be called a guardian, committee or curator.
IRREVOCABLE TRUST
A permanent trust. Once you create it, it cannot be revoked, amended or changed in any way.
MARITAL LIFE ESTATE TRUST
See AB trust.
SAMPLE LEGAL CASES
ESTATE OF BOVEE
... Petitioner-Appellant Edward A. Smith (Smith) appeals pro se from the judgment [1] (Judgment)
filed on March 9, 2011 in the Circuit Court of the First Circuit (probate court). The probate court
denied two petitions (Petitions) filed pro se by Smith on October 22, 2009. ...
IN THE MATTER OF THOMPSON
... 2007) and Rule 34 of the Hawai`i Probate Rules (HPR). HRS § 641-1(a) (1993 & Supp. ...
2007). HPR Rule 34 generally requires the probate court to reduce an order to a
separate judgment as a prerequisite for appealability: RULE 34. ...
IN RE GUARDIANSHIP OF FY
... 2008) and Rule 34 of the Hawai`i Probate Rules (HPR). ... provided by the rules of the court."
HRS § 641-1(c). HPR Rule 34 generally requires the probate court to reduce an order to
a separate judgment as a prerequisite for appealability: RULE 34. ...
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