Hyattville Trusts Lawyer, Wyoming
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LEGAL TERMS
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
PREDECEASED SPOUSE
In the law of wills, a spouse who dies before the will maker while still married to him or her.
GRANTOR
Someone who creates a trust. Also called a trustor or settlor.
SURVIVING SPOUSE'S TRUST
If a couple has created an AB trust, the revocable living trust (Trust B) of the surviving spouse, after the first spouse has died.
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.
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).
WARRANTY DEED
A seldom-used type of deed that contains express assurances about the legal validity of the title being transferred.
DISCHARGE (OF PROBATE ADMINISTRATOR)
A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties hav... (more...)
A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties have been completed but may happen sooner if the executor or administrator wishes to withdraw or is dismissed.
DISINHERIT
To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit prope... (more...)
To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit property -- a close family member, for example -- should not receive it. In most states, you cannot completely disinherit your spouse; a surviving spouse has the right to claim a portion (usually one-third to one-half) of the deceased spouse's estate. With a few exceptions, however, you can expressly disinherit children.
SAMPLE LEGAL CASES
Garwood v. Garwood
... As had been the case while Mrs. Garwood was alive, Mr. Garwood continued to treat
the assets of the Trusts as his own personal funds, and he did not abide by many
of the terms of the Trust documents. He has now expended ...
Omohundro v. Sullivan
... Argument by Mr. Cannon. Before VOIGT, CJ, and GOLDEN, HILL, KITE, and BURKE, JJ. KITE,
Justice. [¶ 1] Appellants (hereinafter referred to as Omohundro Trusts) own interests in ... ISSUES. [¶
2] Omohundro Trusts present this issue for our consideration in Case No. S-08-0027: ...
PURCELLA v. PURCELLA
... Upon Mr. Purcella's death, the successor trustees were to divide the remaining trust assets
between two separate trusts, the Purcella Family Trust (Family Trust) and the Purcella Marital
Trust (Marital Trust). Wife is the income beneficiary of the Marital Trust. ...
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