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A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth (more...)
A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property passes free from estate tax because of the personal exemption, and the rest is shielded from tax under the surviving spouse's marital deduction.
A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the (more...)
A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequest fails. In other words, the beneficiary cannot substitute a similar item in the estate. Example: If John leaves his 1954 Mercedes to Patti, and when John dies the 1954 Mercedes is long gone, Patti doesn't receive John's current car or the cash equivalent of the Mercedes. See ademption.
The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which (more...)
The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.
The provisions in a trust document defining what the trustee may and may not do.
A trust created by a will, effective only upon the death of the willmaker.
See probate court.
A document in which you specify what is to be done with your property when you die and name your executor. You can also use your will to name a guardian for your young children.
A case that turns on the word of one witness versus another. The outcome of a swearing match usually depends on whom the jury finds most trustworthy.
A person who receives benefits, under a trust or by will, for his or her lifetime. For an example, see AB trust.
... George T. Bogert, The Law of Trusts and Trustees § 181 at 244-46 (Rev.2d ed.1979) (internal
footnotes omitted). ... Once the shares were distributed into Trusts A and B, the Trust set forth
how the Trustee was to hold, manage, and distribute the Trust. ...
... Vol.), § 8-104 of the Estates and Trusts Article ("ET"). ... Again, the Estates and Trusts Article
governs such claims, and there is nothing in that Article permitting a creditor with a
pre-death claim to enhance the priority of its claim post-death. ...
... appellants lacked standing. The basis of the order was that appellants were not
"interested persons" within the meaning of Maryland Code (2001 Repl.Vol., 2008 Supp.),
§ 1-101(i) of the Estates & Trusts Article ("ET"). Ralph Gooner ...