Maysville Trusts Lawyer, North Carolina

An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from its individual members--for example, a corporation, partnership, trust, estate or government agency. The entity is treated like a person; it can function legally, be sued, and make decisions through agents.

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.

1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisfied. For example, if Fred is entitled to take property under a will only if he's married at the time of the will maker's death, Fred is a contingent beneficiary. Similarly, if Ellen is named to receive a house only in the event her mother, who has been named to live in the house, moves out of it, Ellen is a contingent beneficiary.

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.

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.

A person appointed by a probate court to handle the distribution of property of someone who has died without a will, or with a will that fails to name someone to carry out this task. administrator ad litem A person appointed by a probate court to represent an estate during a lawsuit. (Ad litem is Latin for 'during the litigation.') An administrator ad litem is appointed only if there is no existing executor or administrator of the estate, or if the executor or administrator has conflicting interests. For example, Jerry's will leaves most of his property to his brother, Jeff, and also names Jeff as executor of the will. But Jerry's sister, Janine, feels that Jerry made the will under improper pressure from Jeff, and brings a lawsuit to challenge it. The court appoints an administrator ad litem to represent Jerry's estate while the lawsuit is in progress. Also known as administrator ad prosequendum, meaning administrator 'during the prosecution.' administrator ad prosequendum See administrator ad litem.administrator cum testamento annexo See administrator with will annexed. administrator de bonis non (DBN) Latin for 'administrator of goods not administered.' This term refers to the person appointed by a probate court to finish probate proceedings when the executor or previous administrator can't finish the job.administrator de bonis non cum testamento annexo (DBNCTA) A baffling title for an administrator appointed by a probate court to take over probate proceedings when the named executor dies, leaving the job unfinished.administrator pendente lite Latin for 'administrator pending litigation.' This term refers to the person appointed by a court to begin probate proceedings during a lawsuit that challenges the will. The administrator pendente lite takes an inventory of the deceased person's property and handles the business affairs of the estate until the dispute is settled. Also called a special administrator.administrator with will annexed An administrator who takes the place of an executor under a will. The administrator steps in either when a will fails to nominate an executor or the named executor is unable to serve. Also called administrator cum testamento annexo or CTA, the Latin version of 'with the will annexed.'