Burgin Estate Lawyer, Kentucky, page 2

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LEGAL TERMS

INTER VIVOS TRUST

The Latin name, favored by some lawyers, for a living trust. 'Inter vivos' is Latin for 'between the living.'

DEATH TAXES

Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who... (more...)
Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who inherit property.

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.'

LIFE BENEFICIARY

A person who receives benefits, under a trust or by will, for his or her lifetime. For an example, see AB trust.

PETITION

A formal written request made to a court, asking for an order or ruling on a particular matter. For example, if you want to be appointed conservator for an elde... (more...)
A formal written request made to a court, asking for an order or ruling on a particular matter. For example, if you want to be appointed conservator for an elderly relative, you must file a petition with a court. See also complaint.

DISTRIBUTEE

(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (ca... (more...)
(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (called intestate), state law determines what each distributee will receive. Also called a beneficiary.

SUCCESSOR TRUSTEE

The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.

ADEMPTION

The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she di... (more...)
The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she dies. Often this happens because the property has been sold, destroyed or given away to someone other than the beneficiary named in the will. A bequest may also be adeemed when the will maker, while still living, gives the property to the intended beneficiary (called 'ademption by satisfaction'). When a bequest is adeemed, the beneficiary named in the will is out of luck; he or she doesn't get cash or a different item of property to replace the one that was described in the will. For example, Mark writes in his will, 'I leave to Rob the family vehicle,' but then trades in his car in for a jet ski. When Mark dies, Rob will receive nothing. Frustrated beneficiaries may challenge an ademption in court, especially if the property was not clearly identified in the first place.

RESIDUARY BENEFICIARY

A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leav... (more...)
A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leaving his home to Edwina and the remainder of his property to Elmo, then Elmo is the residuary beneficiary.

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