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All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, (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.
In the law of wills, a spouse who dies before the will maker while still married to him or her.
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 (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.
A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are (more...)
A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are complicated, but a few examples include estates worth up to $100,000 in California; New York estates where property, excluding real estate and amounts that must be set aside for surviving family members, is worth $20,000 or less; and Texas estates where the value of property doesn't exceed what is needed to pay a family allowance and certain creditors.
A certain amount of a deceased person's money to which immediate family members are entitled at the beginning of the probate process. The allowance is meant to (more...)
A certain amount of a deceased person's money to which immediate family members are entitled at the beginning of the probate process. The allowance is meant to help support the surviving spouse and children during the time it takes to probate the estate. The amount is determined by state law and varies greatly from state to state.
Under some state's probate codes, all relatives of a deceased person.
taking against the will
A procedure under state law that gives a surviving spouse the right to demand a certain share (usually one-third to one-half) of the deceased spouse's (more...)
A procedure under state law that gives a surviving spouse the right to demand a certain share (usually one-third to one-half) of the deceased spouse's property. The surviving spouse can take that share instead of accepting whatever he or she inherited through the deceased spouse's will. If the surviving spouse decides to take the statutory share, it's called 'taking against the will.' Dower and curtesy is another name for the same legal process.
A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.
... OPINION BY COLVILLE, J.: ¶ 1 This appeal by Eleanor J. Kim ("the Executrix") arises from the
order directing her to reimburse the Estate of Thomas P. Allen ("the Estate") for taxes paid from
the residue of the Estate on non-probate assets that became her property on the death ...
... After Decedent's 1023 death, Thomas Steiger Jr., Esquire, submitted a cardboard panel of a
cigarette carton for probate on August 25, 1999, and the Register of Wills issued letters of
administration cta naming Michael J. Cook, who is not related to Norman, as administrator of ...
... OPINION BY POPOVICH, J.: ¶ 1 Appellant Jeannine M. McCullough appeals the order holding
that the signature on the last will and testament of Marjorie J. Cruciani, deceased, which document
was submitted to probate by Appellant, was a forgery. We affirm. ...