Montcalm County, MI Trusts Lawyers
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Thomas L. Wilson
Criminal, Children's Rights, Limited Liability Companies
Status: In Good Standing Licensed: 45 Years
216 W Elm St, Carson City, MI 48811
Profile LAWPOINTS™19/100
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Randy Allen Norton
Lawsuit & Dispute, Business, Accident & Injury
Status: In Good Standing Licensed: 23 Years
108 S Main St, Crystal, MI 48818
Profile LAWPOINTS™22/100
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405 S 1st St, Edmore, MI 48829
Profile LAWPOINTS™17/100
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Jourdan James Devere Rasmussen
Agriculture, Estate Planning, Native People, Administrative Law
Status: In Good Standing Licensed: 9 Years
414 E Main St, Edmore, MI 48829
Profile LAWPOINTS™22/100
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Dennis L. Moore
Lawsuit & Dispute, Child Custody, Criminal, Civil Rights
Status: Inactive Licensed: 39 Years
414 E. Main Street, Edmore, MI 48829
Profile LAWPOINTS™22/100
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309 S Lafayette St, Greenville, MI 48838
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James M. Mullendore
Estate, Divorce & Family Law, Criminal, Accident & Injury
Status: In Good Standing Licensed: 49 Years
132 S Lafayette St, Greenville, MI 48838
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Kathleen M. Dunne
Government, Estate, Adoption, Bankruptcy & Debt
Status: In Good Standing Licensed: 28 Years
601 W Washington St, Greenville, MI 48838
Profile LAWPOINTS™32/100
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111 S Lafayette St, Greenville, MI 48838
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John W. Raven
Real Estate, Family Law, Criminal, Business
Status: In Good Standing Licensed: 48 Years
315 S Clay St, Greenville, MI 48838
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LEGAL TERMS
RULE AGAINST PERPETUITIES
An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For examp... (more...)
An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For example, a person would not be allowed to leave property to her husband for his life, then to her children for their lives, then to her grandchildren. The gift would potentially go to the grandchildren at a point too remote in time.
CERTIFICATION OF TRUST
See abstract of trust.
LIFE INSURANCE
A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policy holder. In exchange, the policyholder pays... (more...)
A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policy holder. In exchange, the policyholder pays a regularly scheduled fee, known as the insurance premiums. The purpose of life insurance is to provide financial support to those who survive the policyholder, such as family members or business partners. When the policyholder dies, the insurance proceeds pass to the beneficiaries free of probate, though they are counted for federal estate tax purposes. group life insurance Life insurance available through an employer or association that covers participating employees and members under one master insurance policy. Most group life insurance policies are term insurance policies, that terminate when the member or employee reaches a certain age or leaves the organization and do not accumulate any cash surrender value. term life insurance No-frills life insurance, with neither cash surrender value nor loan value (an amount that can be used as collateral for a loan). Term life insurance provides a pre-set amount of coverage if the policyholder dies during the period of time specified in the policy. Policyholders usually have the option to renew at the end of the term for the period of years specified in the policy. Unlike whole life insurance, premiums generally increase as the insured person gets older and the risk of death increases.universal life insurance A type of whole life insurance that offers some additional features and advantages. Like whole life insurance, universal life insurance accumulates cash value through investment of the premium payments. The unique feature of universal life insurance is that it has variable premiums, benefits and payment schedules, all of which are tied to market interest rates and the performance of the investment portfolio. Also, universal life plicies normally provide you with more consumer information. For example, you are told how much of your policy payments goes for insurance company overhead expenses, reserves and policy proceed payments, and how much is retained and invested for your savings. This information isn't usually provided with whole life policies.variable life insurance A type of whole life insurance in which the amount of death benefits varies, depending on the performance of investments. The insurance company places some or all of the fixed premium payments into an investment account; some companies let the insured person decide how the money is invested. The policyholder bears the risk of investment losses, though there is a guaranteed minimum benefit payment. One benefit of variable insurance is that interest and dividend income from the investment account is not taxed until it is paid out to the policyholder.variable universal life insurance A type of whole life insurance that provides greater potential for financial gain--and brings greater risks. Like universal life insurance, variable universal life insurance offers flexible premiums, payment schedules and benefits. But variable universal life policies are riskier because the premiums are invested in stocks, rather than more predictable money market accounts and bonds. Also called universal variable life insurance.whole life insurance Life insurance that provides coverage for the entire life of the policyholder, who pays the same fixed premium throughout his or her life. The policy builds up cash reserves that may be paid out to the policyholder when he or she surrenders or partially surrenders the policy or uses the cash reserves to fund low-interest loans. The annual increase in the cash value of the policy is not taxed. If the policyholder surrenders the policy, a portion of the payment is not taxable. Also called straight life insurance or ordinary life insurance.
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.'
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.
RESIDUARY ESTATE
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.
PER STIRPES
Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. F... (more...)
Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living 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 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). If, on the other hand, Fred's will states that the property is to be divided per capita, Julie and the two grandchildren will each take a third.
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).
PERSONAL PROPERTY
All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, p... (more...)
All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty. Compare real estate.
SAMPLE LEGAL CASES
In re Kostin Estate
... We find that, by statute, the trial court was obliged to honor the Totten trusts. Michigan law honors
Totten trusts. MCL 487.702 provides, in relevant part: ... Michigan law also provides: Express trusts
may be created for any or either of the following purposes: * * *. Fifth. ...
In re Temple Marital Trust
... But appeals from a probate court decision are on the record, not de novo. See MCL 700.1305;
MCL 600.866(1); MCR 5.802(B)(1); In re Webb H. Coe Marital and Residuary Trusts, 233
Mich.App. ... In re Coe Trusts, supra; In re Baldwin Trust, supra at 396-397, 733 NW2d 419. ...
In re Mary E. Griffin Revocable Grantor Trust
... Although MCL 700.2518 does not apply to trusts, we conclude that it reflects this state's public
policy that a no-contest clause in a trust agreement is unenforceable if there is probable cause
for challenging the trust. ... 2 Restatement Trusts, 3d, § 29(c), pp. ...
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