Linton Trusts Lawyer, North Dakota
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Chad Everett Anderson
Social Security, Trusts, Estate Planning, Bankruptcy & Debt
Status: In Good Standing
407 E. Ave, Bismarck, ND 58502
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LEGAL TERMS
ADMINISTRATION (OF AN ESTATE)
The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. I... (more...)
The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. If not, the court appoints someone, who is generally known as the administrator. In some states, the person is called the 'personal representative' in either instance.
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA)
A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to o... (more...)
A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to or taken from a worker provides some protection for workers in the event certain types of pension plans cannot pay the benefits to which workers are entitled, and requires that employers provide full and clear information about employees' pension rights, including the way pension benefits accumulate, how the company invests pension funds, and when and how pension benefits can be collected.
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.
PER STIRPES
Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. F... (more...)
Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. For example, Fred leaves his house jointly to his son Alan and his daughter Julie. But Alan dies before Fred, leaving two young children. If Fred's will states that heirs of a deceased beneficiary are to receive the property 'per stirpes,' Julie will receive one-half of the property, and Alan's two children will share his half in equal shares (through Alan by right of representation). If, on the other hand, Fred's will states that the property is to be divided per capita, Julie and the two grandchildren will each take a third.
DISTRIBUTEE
(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (ca... (more...)
(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (called intestate), state law determines what each distributee will receive. Also called a beneficiary.
INVESTOR
A person who makes investments. An investor may act either for herself or on behalf of others. A stock broker or mutual fund manager, for instance, makes invest... (more...)
A person who makes investments. An investor may act either for herself or on behalf of others. A stock broker or mutual fund manager, for instance, makes investments for others who have entrusted her with their money.
MARITAL LIFE ESTATE TRUST
See AB trust.
TESTAMENTARY TRUST
A trust created by a will, effective only upon the death of the willmaker.
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.
SAMPLE LEGAL CASES
AGNES M. GASSMANN REVOCABLE v. Reichert
... MARIG, Justice. [¶ 1] Mary Reichert, Jo Anne Dalhoff, and James Gassmann appeal from a district
court judgment reforming the terms of their parents' revocable living trusts and determining that
John T. Gassmann was to receive farmland held in a limited liability limited ...
Oyloe v. NORTH DAKOTA DEPT. OF HUMAN SERV.
... V William F. Fratcher, Scott on Trusts § 411 (1989). ... Where the intended trust fails in part, there
is a resulting trust of so much of the property as is not appropriated to the part of the trust that
does not fail." V William F. Fratcher, Scott on Trusts § 411.2, p. 30 (1989). ...
Langer v. Pender
... a reference to whoever is serving as Trustee, or Co-trustee, whether original, alternate or any
successor thereof, and references to "Trust" or "Trust Estate" shall be interchangeable as the
context allows and relate to the Separate Trust Estate of the various trusts created herein ...
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