Chevy Chase Wills & Probate Lawyer, Maryland

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Free Help: Use This Form or Call 800-814-6700

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LEGAL TERMS

NET ESTATE

The value of all property owned at death less liabilities or debts.

BENEFICIARY

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

MARITAL LIFE ESTATE TRUST

See AB 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.

CHARITABLE TRUST

Any trust designed to make a substantial gift to a charity and also achieve income and estate tax savings for the person who creates the trust (the grantor).

ENTITY

An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from i... (more...)
An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from its individual members--for example, a corporation, partnership, trust, estate or government agency. The entity is treated like a person; it can function legally, be sued, and make decisions through agents.

EXEMPTION TRUST

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 m... (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.

HOLOGRAPHIC WILL

A will that is completely handwritten, dated and signed by the person making it. Holographic wills are generally not witnessed. Although it's legal in many stat... (more...)
A will that is completely handwritten, dated and signed by the person making it. Holographic wills are generally not witnessed. Although it's legal in many states, making a holographic will is never advised except as a last resort.

INHERIT

To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will... (more...)
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.

SAMPLE LEGAL CASES

Russell v. Gaither

... On February 3, 2006, Gaither filed with the Register of Wills for Baltimore City a petition for probate based on the July 12, 2005 will, which was admitted to administrative probate. Nearly six months later, on July 26th, Marquitta ...

Attorney Grievance Commission of Maryland v. PLESHAW

... In 1997, the Probate Division of the Superior Court of the District of Columbia ("probate court") appointed Pleshaw to represent Joseph Riley in an intervention proceeding and later the Riley Estate itself. ... A. Maryland Cases Confronting Misappropriation in a Probate Context. ...

Attorney Grievance v. PLESHAW

... In 1997, the Probate Division of the Superior Court of the District of Columbia ("probate court") appointed Pleshaw to represent Joseph Riley in an intervention proceeding and later the Riley Estate itself. ... A. Maryland Cases Confronting Misappropriation in a Probate Context. ...

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