Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited prop... (more...)

Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited property.

SURROGATE COURT

See probate court.

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.

ESTATE PLANNING

The art of continuing to prosper when you're alive, and passing your property to your loved ones with a minimum of fuss and expense after you die. Planning your... (more...)

The art of continuing to prosper when you're alive, and passing your property to your loved ones with a minimum of fuss and expense after you die. Planning your estate may involve making a will, living trust, healthcare directives, durable power of attorney for finances or other documents.

ANCILLARY PROBATE

A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are... (more...)

A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are necessary if the deceased person owned real estate in another state.

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.

ADMINISTRATRIX

An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male... (more...)

An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male or female, this person is called the administrator.

TRUST CORPUS

Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, t... (more...)

Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, that money is the corpus. Sometimes the trust corpus is known as the 'res,' a Latin word meaning 'thing.'

SAMPLE LEGAL CASES

In re Conservatorship of Didier

... Barbara Didier-Stager (Barbara), Evelyn's daughter and a beneficiary of the trusts, objected. ... The circuit court disagreed, authorizing the Conservator to exercise the power of the trustee "in the place and stead of Evelyn" in both trusts. Barbara appeals. ...

In re Reese Trust

... Ronald Chester, George Gleason Bogert & George Taylor Bogert, The Law of Trusts and Trustees Â§ 431 (3d ed. 2005). [Â¶ 8.] With regard to parties in a cy pres proceeding: ... [Â¶ 11.] SDCL 55-9-4 appears in SDCL chapter 55-9 on charitable trusts. ...

Peterson v. Feldmann

... [Â¶ 3.] In July 2001, Laurence and May executed living trusts. The farm property was placed in the trusts. The trusts provided that upon the death of the trustors, Peterson had an option to purchase the property at its appraised value. ...

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BYPASS TRUST

INHERITANCE TAXES

SURROGATE COURT

PETITION

ESTATE PLANNING

ANCILLARY PROBATE

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ADMINISTRATRIX

TRUST CORPUS

SAMPLE LEGAL CASES

In re Conservatorship of Didier

In re Reese Trust

Peterson v. Feldmann

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