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Glady Trusts Lawyer, West Virginia

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Holly Funderburk Baker

Wills & Probate, Wills
Status:  In Good Standing           Licensed:  16 Years
CONTACT
Elkins, WV 26241
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Terry D. Reed

Banking & Finance, Estate Planning, Commercial Real Estate
Status:  In Good Standing           Licensed:  49 Years
CONTACT
Buckhannon, WV 26201
Profile LAWPOINTS™22/100
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Thomas Joseph O'Neill

Real Estate, Corporate, Government, Estate Planning, Wrongful Death
Status:  In Good Standing           
CONTACT
70 East Main Street, Buckhannon, WV 26201
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Scott E. Wilson

Estate, Real Estate, Business, Banking & Finance, Oil & Gas
Status:  In Good Standing           Licensed:  49 Years
CONTACT
Clarksburg, WV 26302
Profile LAWPOINTS™22/100
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LEGAL TERMS

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.

SPENDTHRIFT TRUST

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the benefi... (more...)
A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.

SUCCESSOR TRUSTEE

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

BEQUEATH

A legal term sometimes used in wills that means 'leave' -- for example, 'I bequeath my garden tools to my brother-in-law, Buster Jenkins.'

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.

REMAINDERMAN

Someone who will inherit property in the future. For instance, if someone dies and leaves his home 'to Alma for life, and then to Barry,' Barry is a remainderma... (more...)
Someone who will inherit property in the future. For instance, if someone dies and leaves his home 'to Alma for life, and then to Barry,' Barry is a remainderman because he will inherit the home in the future, after Alma dies.

ABATEMENT

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other exp... (more...)
A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other expenses. Gifts left in the will are cut back in order to pay taxes, satisfy debts or take care of other gifts that are given priority under law or by the will itself.

SPRINKLING TRUST

A trust that gives the person managing it (the trustee) the discretion to disburse its funds among the beneficiaries in any way he or she sees fit.

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.

SAMPLE LEGAL CASES

IN RE APPOINTMENT OF TRUSTEES FOR WOODLAWN CEMETERY

... Counsel for the Bank wrote to Mr. Decker on May 25, 2005, and told him that cemetery permanent endowment care trusts must remain intact for the benefit of cemetery maintenance, and told him that there is no legal provision for the termination of such a trust. ...

IN RE PETITION FOR APPOINTMENT OF TRUSTEES FOR WOODLAWN CEMETERY

... Counsel for the Bank wrote to Mr. Decker on May 25, 2005, and told him that cemetery permanent endowment care trusts must remain intact for the benefit of cemetery maintenance, and told him that there is no legal provision for the termination of such a trust. ...

GRAFTON-GORE v. CENTRA BANK, INC.

... Petitioner's purchase of Hickory Ridge closed on March 7, 2006, and she executed the promissory notes and deeds of trusts required for the loans. The deed conveying Hickory Ridge to her was recorded with the Clerk of the Berkeley County Commission. ...

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