Clay County, NC Trusts Lawyers
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LEGAL TERMS
TRUSTEE POWERS
The provisions in a trust document defining what the trustee may and may not do.
BYPASS TRUST
A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.
CERTIFIED COPY
A copy of a document issued by a court or government agency guaranteed to be a true and exact copy of the original. Many agencies and institutions require certi... (more...)
A copy of a document issued by a court or government agency guaranteed to be a true and exact copy of the original. Many agencies and institutions require certified copies of legal documents before permitting certain transactions. For example, a certified copy of a death certificate is required before a bank will release the funds in a deceased person's payable-on-death account to the person who has inherited them.
GRANTOR RETAINED INCOME TRUST
Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for ... (more...)
Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries you've named. These trusts are for people who have enough wealth to feel comfortable giving away a substantial hunk of property. They come in three flavors: Grantor-Retained Annuity Trusts (GRATs), Grantor-Retained Unitrusts (GRUTs) and Grantor-Retained Income Trusts (GRITs).
PER CAPITA
Under a will, the most common method of determining what share of property each beneficiary gets when one of the beneficiaries dies before the willmaker, leavin... (more...)
Under a will, the most common method of determining what share of property each beneficiary gets when one of the beneficiaries dies before the willmaker, leaving children of his or her own. For example, Fred leaves his house jointly to his son Alan and his daughter Julie. But Alan dies before Fred, leaving two young children. If Fred's will states that heirs of a deceased beneficiary are to receive the property per capita, Julie and the two grandchildren will each take a third. If, on the other hand, Fred's will states that heirs of a deceased beneficiary are to receive the property per stirpes, Julie will receive one-half of the property, and Alan's two children will share his half in equal shares (through Alan by right of representation).
SPECIAL ADMINISTRATOR
(1) In the law of wills and estates, a person appointed by the court to take charge of only a designated portion of an estate during probate. For example, a spe... (more...)
(1) In the law of wills and estates, a person appointed by the court to take charge of only a designated portion of an estate during probate. For example, a special administrator with particular expertise on art might be appointed to oversee the probate of a wealthy person's art collection, but not the entire estate. (2) A person appointed to be responsible for a deceased person's property for a limited time or during an emergency, such as a challenge to the will or to the qualifications of the named executor. In such cases, the special administrator's duty is to maintain and preserve the estate, not necessarily to take control of the probate process
STATUTORY SHARE
The portion of a deceased person's estate that a spouse is entitled to claim under state law. The statutory share is usually one-third or one-half of the deceas... (more...)
The portion of a deceased person's estate that a spouse is entitled to claim under state law. The statutory share is usually one-third or one-half of the deceased spouse's property, but in some states the exact amount of the spouse's share depends on whether or not the couple has young children and, in a few states, on how long the couple was married. In most states, if the deceased spouse left a will, the surviving spouse must choose either what the will provides or the statutory share. Sometimes the statutory share is known by its more arcane legal name, dower and curtesy, or as a forced or elective share.
TESTAMENTARY TRUST
A trust created by a will, effective only upon the death of the willmaker.
INTESTATE SUCCESSION
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest s... (more...)
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.
SAMPLE LEGAL CASES
Carcano v. JBSS, LLC
... Constructive trusts ordinarily arise from actual or constructive fraud and usually involve the
"`breach of a confidential relationship.'" Patterson v. Strickland, 133 NCApp. ... Trusts created by
operation of law are classified into resulting trusts and constructive trusts. ...
Livesay v. Carolina First Bank
... NC Gen.Stat. § 36C-5-505(a)(3) (2007). The section was enacted in 2005, became effective on
1 January 2006, and applies to. (i) all trusts created before, on, or after that date; (ii) all judicial
proceedings concerning trusts commenced on or after that date; and (iii) judicial ...
In re Ernst & Young, LLP
... Carolina. In 1996, with the assistance of Ernst & Young, Wal-Mart underwent corporate
restructuring to implement these tax shelters and placed substantially all of its real
estate interests in real estate investment trusts ("REITs"). ...
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