Volcano Trusts Lawyer, Hawaii
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LEGAL TERMS
HEIR AT LAW
A person entitled to inherit property under intestate succession laws.
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.'
LIVING TRUST
A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the t... (more...)
A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the trust during your life passes directly to the trust beneficiaries after you die, without court involvement. The successor trustee--the person you appoint to handle the trust after your death--simply transfers ownership to the beneficiaries you named in the trust. Living trusts are also called 'inter vivos trusts.'
ESTATE TAXES
Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and... (more...)
Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and whether or not it goes through probate after your death, is subject to federal estate tax. Currently, however, federal estate tax is due only if your property is worth at least $2 million when you die. The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes. Many states now also impose their own estate taxes or inheritance taxes.
MARITAL LIFE ESTATE TRUST
See AB trust.
DISCHARGE (OF PROBATE ADMINISTRATOR)
A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties hav... (more...)
A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties have been completed but may happen sooner if the executor or administrator wishes to withdraw or is dismissed.
KINDRED
Under some state's probate codes, all relatives of a deceased person.
ABATEMENT
A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other exp... (more...)
A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other expenses. Gifts left in the will are cut back in order to pay taxes, satisfy debts or take care of other gifts that are given priority under law or by the will itself.
PUBLIC ADMINISTRATOR
Someone appointed by a probate court to oversee probate proceedings when a person dies without a will or heirs, and his or her property is expected to pass to t... (more...)
Someone appointed by a probate court to oversee probate proceedings when a person dies without a will or heirs, and his or her property is expected to pass to the state. Some states have public administrators who are responsible for temporarily preserving the assets of an estate if there are disputes about specific provisions in the will or about who will be appointed the regular administrator.
SAMPLE LEGAL CASES
Marn v. Marn
... Steven Guttman, (Ressner Umebayashi Bain & Matsunaga), for Plaintiffs-Appellees, JAMES KM
DUNN, Successor Trustee of the ANNABELLE Y. DUNN TRUST DATED JUNE 18, 1991, and
JERRY TARUTANI and HUO CHEN, Co-Trustees of the DUNN CHILDREN'S TRUSTS. ...
HAWAIIAN ASSOCIATION OF SEVENTH-DAY ADVENTISTS v. Wong
... The Property was originally owned by EAK Trust and the Augustus F. Knudsen Trust
(jointly, "the Trusts"). In 1949, the Trusts leased the Property to Valdemar L'Orange
Knudsen who, in turn, assigned the lease to Kahili Mountain Park, Inc. ...
Lee v. HSBC BANK USA
... Pooling and Servicing Agreement Dated as of April 1, 2007 SG Mortgage Securities Trust 2007
NC1 Asset Backed Certificates, Series 2007 NC1, Defendants-Appellees, and John Does 1-10;
Jane Does 1-10; Doe Corporations 1-10; Doe Partnerships 1-10; Doe Trusts 1-10 ...
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