Stacyville Wills & Probate Lawyer, Iowa
Includes: Estate Administration, Living Wills, Wills
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Douglas R. Grabinski
Commercial Real Estate, International Tax, Wills
Status: In Good Standing Licensed: 50 Years
1102 8Th Avenue Court South, Clear Lake, IA 50428
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LEGAL TERMS
ADMINISTRATRIX
An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male... (more...)
An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male or female, this person is called the administrator.
OFFICER
A person elected by a profit or nonprofit corporation's board of directors, or by the manager of a limited liability company, to manage the day-to-day operation... (more...)
A person elected by a profit or nonprofit corporation's board of directors, or by the manager of a limited liability company, to manage the day-to-day operations of the organization. Officers generally hold titles such as President or Treasurer. Many states and most corporate bylaws or LLC operating agreements require a corporation or LLC to have a president, secretary and treasurer. Election of a vice president may be required by state law.
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.
POWER OF APPOINTMENT
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust o... (more...)
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.
QDOT TRUST
A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spo... (more...)
A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spouse. QDOT stands for qualified domestic trust.
MINERAL RIGHTS
An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral right... (more...)
An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral rights is usually entitled to either take the minerals from the land himself or receive a royalty from the party that actually extracts the minerals.
SECONDARY MEANING
In trademark law, a mark that is not inherently distinctive becomes protected after developing a 'secondary meaning': great public recognition through long use ... (more...)
In trademark law, a mark that is not inherently distinctive becomes protected after developing a 'secondary meaning': great public recognition through long use and exposure in the marketplace. For example, though first names are not generally considered inherently distinctive, Ben & Jerry's Ice Cream has become so well known that it is now entitled to maximum trademark protection.
BEQUEATH
A legal term sometimes used in wills that means 'leave' -- for example, 'I bequeath my garden tools to my brother-in-law, Buster Jenkins.'
TAKING AGAINST THE WILL
A procedure under state law that gives a surviving spouse the right to demand a certain share (usually one-third to one-half) of the deceased spouse's property.... (more...)
A procedure under state law that gives a surviving spouse the right to demand a certain share (usually one-third to one-half) of the deceased spouse's property. The surviving spouse can take that share instead of accepting whatever he or she inherited through the deceased spouse's will. If the surviving spouse decides to take the statutory share, it's called 'taking against the will.' Dower and curtesy is another name for the same legal process.
SAMPLE LEGAL CASES
IOWA SUPREME COURT ATTY. DISCIPLINARY BD. v. Casey
... The Iowa Supreme Court Disciplinary Board alleged the respondent, Marc Casey, violated ethical
rules by neglecting client matters, failing to timely disburse funds, misrepresenting the status
of an estate to the court, prematurely taking probate fees, and failing to cooperate with ...
IOWA SUPREME COURT ATTY. DIS. BD. v. Wagner
... The Iowa Supreme Court Disciplinary Board alleged the respondent, James L. Wagner, violated
ethical rules by neglecting client matters, prematurely taking probate fees, misrepresenting the
status of an estate to the court, failing to deposit unearned fees in his trust account ...
IOWA SUPREME COURT ATTY. DISC. BD. v. Marks
... In this disciplinary action, Samuel Z. Marks neglected two probate estates and failed to cooperate
with the Iowa Supreme Court Attorney Disciplinary Board ("Board"). ... The Board alleged Marks
neglected two probate matters and failed to cooperate with the Board's investigation. ...
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