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Nixon Wills & Probate Lawyer, Nevada, page 2

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Bradley B Anderson

Wills & Probate, Trusts, Estate Planning, Estate
Status:  In Good Standing           Licensed:  34 Years
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500 Damonte Ranch Pkwy, Reno, NV 89521
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LEGAL TERMS

EXEMPTION TRUST

A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth m... (more...)
A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property passes free from estate tax because of the personal exemption, and the rest is shielded from tax under the surviving spouse's marital deduction.

CURATOR

See conservator.

GRANTOR

Someone who creates a trust. Also called a trustor or settlor.

TRUST DEED

The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to... (more...)
The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to a trustee -- often a title company -- who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point, the trustee can sell the property and pay the lender from the proceeds.

INHERIT

To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will... (more...)
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.

KINDRED

Under some state's probate codes, all relatives of a deceased person.

DEVISEE

A person or entity who inherits real estate under the terms of a will.

MARITAL LIFE ESTATE TRUST

See AB trust.

LAPSE

Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. S... (more...)
Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.

SAMPLE LEGAL CASES

Waldman v. Maini

... After the accident, family members filed probate actions for each of the estates. Steven and the children died without valid wills. Susan had a valid will that was admitted into probate; however, none of her intended beneficiaries survived the crash. ...

IN THE MATTER OF ESTATE OF MELTON

... It argued that the Legislature's revisions to the Nevada Probate Code in 1999 provide for the enforcement of disinheritance clauses, even when an estate passes by intestate succession. ... Probate Code § 2-101(b), 8/I ULA 79 (1998). ...

Boulder Oaks Cmty. Ass'n v. B & J ANDREWS

215 P.3d 27 (2009). BOULDER OAKS COMMUNITY ASSOCIATION, a Nevada Corporation, d/b/a Red Mountain RV Resort, Appellant, v. B & J ANDREWS ENTERPRISES, LLC, a Nevada Limited Liability Company, d/b/a Boulder Oaks RV Resort, Respondent. No. 46010. ...

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