Fenwick Island Trusts Lawyer, Delaware
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29 Black Duck Reach, Dewey Beach, DE 19971
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Larry W. Fifer
Real Estate, Wills & Probate, Trusts, Criminal
Status: In Good Standing Licensed: 51 Years
1201-B Savannah Road, Lewes, DE 19958
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Heidi J. A. Gilmore
Real Estate, Trusts, Land Use & Zoning, Commercial Real Estate
Status: In Good Standing Licensed: 24 Years
1413 Savannah Road, Lewes, DE 19958
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LEGAL TERMS
REAL ESTATE AGENT
A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must hav... (more...)
A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must have a state license and be supervised by a real estate broker. Most agents are completely dependent upon commissions from sellers for their income, so it pays to find out which side the agent represents (buyer, seller or both) before you place too much trust in the agent's opinion.
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
SUCCESSION
The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which d... (more...)
The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.
CREDIT SHELTER TRUST
See AB trust.
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).
IN TERROREM
Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement... (more...)
Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement. For example, a will might state that an heir will forfeit her inheritance if she challenges the validity of the will. Of course, if the will is challenged and found to be invalid, then the clause itself is also invalid and the heir takes whatever she would have inherited if there were no will.
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.
BANKRUPTCY ESTATE
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankrup... (more...)
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankruptcy estate for the duration of your case.
GRANTOR
Someone who creates a trust. Also called a trustor or settlor.
SAMPLE LEGAL CASES
Cargill, Inc. v. JWH SPEC. CIRCUMSTANCE LLC
... With two major carve-outs, the Act explicitly subjects Delaware statutory trusts to
existing trust law concepts. Section ... 2. Does the Act itself preempt duties the Cargill
Plaintiffs otherwise would have had under the law of trusts? As ...
IN THE MATTER OF LAMMOT DU PONT COPELAND TRUST NO. 5400
... MEMORANDUM OPINION. CHANDLER, Chancellor. This case presents, on summary
judgment, the narrow question of whether the assets of two trusts, upon their future termination,
are to be distributed to their beneficiaries per stirpes or per capita. ...
IN THE MATTER OF LAST WILL AND TESTAMENT OF DALAND
... The issue before me is whether a validly executed will can be reformed by inserting language
intended to exercise testator's powers of appointment over his parents' trusts, language which
is alleged to have been omitted mistakenly by the scrivener during the process of drafting ...
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