Toledo Trusts Lawyer, Illinois
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Aaron Christopher Jones
Real Estate, Trusts, Child Custody, Accident & Injury
Status: In Good Standing Licensed: 16 Years
122 East Washington Ave, Effingham, IL 62401
Profile LAWPOINTS™34/100
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Dale Franklin Wolff
Real Estate, Wills & Probate, Trusts, Elder Law
Status: In Good Standing Licensed: 49 Years
127 W Jefferson Ave, Effingham, IL 62401
Profile LAWPOINTS™22/100
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Judy A. Baker
Trusts, Child Custody, Adoption, Collection, Estate Planning
Status: In Good Standing Licensed: 32 Years
201 N. Logan, Gays, IL 61928
Profile LAWPOINTS™34/100
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215 N 4th St, Effingham, IL 62401
Profile LAWPOINTS™15/100
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LEGAL TERMS
INTESTATE
The condition of dying without a valid will. The probate court appoints an administrator to distribute the deceased person's property according to state law.
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.
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.
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.
INCOMPETENCE
The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at ... (more...)
The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at which the person is present and/or represented by an attorney. A finding of incompetence may lead to the appointment of a conservator to manage the person's affairs. Also known as 'incompetency.'
SPECIAL ADMINISTRATOR
(1) In the law of wills and estates, a person appointed by the court to take charge of only a designated portion of an estate during probate. For example, a spe... (more...)
(1) In the law of wills and estates, a person appointed by the court to take charge of only a designated portion of an estate during probate. For example, a special administrator with particular expertise on art might be appointed to oversee the probate of a wealthy person's art collection, but not the entire estate. (2) A person appointed to be responsible for a deceased person's property for a limited time or during an emergency, such as a challenge to the will or to the qualifications of the named executor. In such cases, the special administrator's duty is to maintain and preserve the estate, not necessarily to take control of the probate process
ANCILLARY PROBATE
A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are... (more...)
A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are necessary if the deceased person owned real estate in another state.
NONPROBATE
The distribution of a deceased person's property by any means other than probate. Many types of property pass free of probate, including property left to a surv... (more...)
The distribution of a deceased person's property by any means other than probate. Many types of property pass free of probate, including property left to a surviving spouse and property left outside of a will through probate-avoidance methods such as pay-on-death designations, joint tenancy ownership, living trusts and life insurance. Property that avoids probate is sometimes described as the 'nonprobate estate.' Nonprobate distribution may also occur if the deceased person leaves an invalid will. In that case, property will pass according to the particular state's laws of intestate succession.
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.
SAMPLE LEGAL CASES
In re Estate of Feinberg
... 534, 891 NE2d 549. In reaching this conclusion, the appellate court relied on decisions
of this court dating back as far as 1898 and, as noted, on the Restatement (Third) of Trusts.
ISSUE PRESENTED. ... Applicability of Restatement (Third) of Trusts. ...
In re Estate of Feinberg
... Max FEINBERG, Deceased (Leila R. Taylor, as Independent Coexecutor of the Will of Max
Feinberg, Deceased, Plaintiff-Appellant, v. Michael B. Feinberg, Individually and as Coexecutor
of the Will of Max Feinberg, Deceased; Fifth Third Bank, as Trustee under the Trusts of Max ...
Laubner v. JP Morgan Chase Bank, NA
... 747 Justice COOK delivered the opinion of the court: On October 31, 2007, plaintiffs Patricia A.
Laubner and Pamela A. Larson filed an amended petition to remove codefendant Deborah B.
Alley as trustee and to modify the distributions being made from the trusts. ...
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