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LEGAL TERMS

PROPERTY CONTROL TRUST

Any trust that imposes limits or controls over the rights of trust beneficiaries. These trusts include (1) special needs trusts designed to assist people who ha... (more...)
Any trust that imposes limits or controls over the rights of trust beneficiaries. These trusts include (1) special needs trusts designed to assist people who have special physical, emotional or other requirements, (2) spendthrift trusts designed to prevent a beneficiary from wasting the trust principal; and (3) sprinkling trusts that allow the trustee to decide how to distribute trust income or principal among the beneficiaries.

FAMILY POT TRUST

See pot trust.

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.

INVENTORY

A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or admini... (more...)
A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or administrator of the estate is responsible for making and filing the inventory.

SWEARING MATCH

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.

EXECUTOR

The person named in a will to handle the property of someone who has died. The executor collects the property, pays debts and taxes, and then distributes what's... (more...)
The person named in a will to handle the property of someone who has died. The executor collects the property, pays debts and taxes, and then distributes what's left, as specified in the will. The executor also handles any probate court proceedings and notifies people and organizations of the death. Also called personal representatives.

GRANTOR

Someone who creates a trust. Also called a trustor or settlor.

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.

CREDIT SHELTER TRUST

See AB trust.

SAMPLE LEGAL CASES

WE 470 MURDOCK, LLC v. Cosmos Real Estate, LLC

958 A.2d 1248 (2008). 289 Conn. 938. WE 470 MURDOCK, LLC v. COSMOS REAL ESTATE, LLC, et al. Supreme Court of Connecticut. Decided October 3, 2008. Sabato P. Fiano, in support of the petition. Melvin A. Simon, Hartford, in opposition. ...

WE 470 MURDOCK, LLC v. Cosmos Real Estate

The following facts and procedural history are relevant to our resolution of the plaintiff's appeal. The defendant is a limited liability corporation formed by Dina Begetis, Pagioti Begetis and Efrosene Begetis, all of whom are daughters of Asimina Begetis. On March 1, 2004, ...

Caltabiano v. L AND L REAL ESTATE HOLDINGS

The following facts and procedural history are relevant to the resolution of the plaintiffs' appeal. Cumberland Farms, 1260 Inc., is the owner of commercial property located at 1211-1223 Boston Post Road, within the commercial town center district of Westbrook. The Dohnna, ...