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The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest (more...)
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.
The document given to an executor by the probate court, authorizing the executor to settle the estate according to either a will or the state's intestate succession laws.
heir at law
A person entitled to inherit property under intestate succession laws.
In the law of wills, a spouse who dies before the will maker while still married to him or her.
See probate court.
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 (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.
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, (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 The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent.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.
A will that 'pours over' property into a trust when the will maker dies. Property left through the will must go through probate before it goes into the trust.
... Subsequently, the Attorney General of Georgia brought suit against Cronic in superior
court, contending that both Item III(4) and III(5) of the Will created charitable trusts and
that Cronic breached his fiduciary duties by failing to fully fund them. ...
... trustee of the respective residuary trust established for her benefit. No other trustees
of any other potential trusts (other than a successor trustee) are named. Todd claims
to be Buffington's biological daughter, asserting that she ...
... A Cobb County jury returned a $10 million verdict in favor of William Bassett as the trustee for
four private trusts in the trusts' claim for negligent misrepresentation against the accounting firm
Pricewaterhouse-Coopers, LLP ("PwC"), as the successor to Coopers & Lybrand, LLP ...