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1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are (more...)
1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisfied. For example, if Fred is entitled to take property under a will only if he's married at the time of the will maker's death, Fred is a contingent beneficiary. Similarly, if Ellen is named to receive a house only in the event her mother, who has been named to live in the house, moves out of it, Ellen is a contingent beneficiary.
marital life estate trust
See AB trust.
The provisions in a trust document defining what the trustee may and may not do.
The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.
proving a will
Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily (more...)
Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily satisfies by showing that the will was signed and dated by the deceased person in front of two or more witnesses. When the will is holographic -- that is, completely handwritten by the deceased and not witnessed, it is still valid in many states if the executor can produce relatives and friends to testify that the handwriting is that of the deceased.
See probate court.
Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited property.
Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, (more...)
Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, that money is the corpus. Sometimes the trust corpus is known as the 'res,' a Latin word meaning 'thing.'
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.
... On May 3, 2005, HCC petitioned the Aiken County Probate Court for an order removing Appellant
as trustee and naming Penland as successor trustee. ... On October 27, 2006, HCC filed suit in
probate court against Appellant individually and as former trustee of the Trust. ...
... This Court granted Petitioner Betsy M. Campbell's (Mother) petition to review a court of appeals
decision setting aside a probate court order appointing two examiners to evaluate Mother's mental
competency in a conservatorship proceeding brought by her daughter ...
... On February 8, 2001, James filed suit in probate court seeking partition of the Estate's
property. ... On October 15, 2001, the probate court removed Ronnie as personal
representative of the Estate and appointed James in his place. ...