An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male... (more...)

An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male or female, this person is called the administrator.

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.

WILL

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 you... (more...)

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.

TRUSTEE POWERS

The provisions in a trust document defining what the trustee may and may not do.

BENEFICIARY

A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.

QDOT TRUST

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spo... (more...)

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spouse. QDOT stands for qualified domestic trust.

FINAL BENEFICIARY

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jan... (more...)

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.

CREDIT SHELTER TRUST

See AB trust.

SAMPLE LEGAL CASES

State v. Casper

... Olde South had made initial contact with these individuals by holding seminars on estate planning, primarily at senior citizen centers and churches, during which its representatives discussed the importance of establishing living trusts. ...

IN RE RDM

... Resulting trusts and constructive trusts are both created by courts of equity in order to satisfy the demands of justice. One ... failed. Resulting trusts generally are imposed in accordance with the actual or assumed intention of the parties. ...

IN RE ESTATE OF STOREY

... Under Mrs. Storey's will, the residual estate was to be divided into separate trusts of equal value for each of her children, with Mr. Yohanek to serve as trustee for the trusts. In the will, Mrs. Storey also made specific bequests to her each of her three children. ...

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LEGAL TERMS

SPRINKLING TRUST

ADMINISTRATRIX

ANCILLARY PROBATE

WILL

TRUSTEE POWERS

BENEFICIARY

QDOT TRUST

FINAL BENEFICIARY

CREDIT SHELTER TRUST

SAMPLE LEGAL CASES

State v. Casper

IN RE RDM

IN RE ESTATE OF STOREY

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