Plano Wills & Probate Lawyer, Texas, page 5

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Joseph Lancaster Parks (Joe)

Labor Disputes, Wills & Probate
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Commercial Real Estate, Wills, Gift Taxation, Business & Trade
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Wills & Probate, Estate, Family Law, Divorce & Family Law
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Jon R. Boyd (Jon)

Family Law, Wills & Probate
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Kevin W. Green

Credit & Debt, Business & Trade, Wills, Commercial Real Estate
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Dilipkumar Manubhai Patel

Commercial Real Estate, Real Estate, Wills, Business & Trade
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Aaron Russell Miller

Civil & Human Rights, Estate, Wills, Elder Law
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Usman Mohammad Qureshi

Business, Wills, Health Care Other, Business & Trade
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Wayne Sorrels

Divorce & Family Law, Wills, Public Schools, State Appellate Practice, Family Law
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Arthur John Allen

Civil & Human Rights, Wills, Energy, Oil & Gas
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LEGAL TERMS

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.

TRUSTEE POWERS

The provisions in a trust document defining what the trustee may and may not do.

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)
A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

SUCCESSOR TRUSTEE

The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.

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.

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.'

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.

RESIDUARY BENEFICIARY

A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leav... (more...)
A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leaving his home to Edwina and the remainder of his property to Elmo, then Elmo is the residuary beneficiary.

INTESTATE SUCCESSION

The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest s... (more...)
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.

SAMPLE LEGAL CASES

Frost Nat. Bank v. Fernandez

... The principal issue on appeal is whether the district court had jurisdiction to render summary judgment when similar bill of review proceedings and applications 497 for determination of heirship were pending in the probate court. ... 3. Probate Code. ...

In re Estate of Gaines

... The will also named Green and his wife the guardians of Gaines's children. Davis did not submit an application to probate Gaines's will for over three years after Gaines's death. ... In response, Davis submitted an application to probate Gaines's will on October 13, 2006. ...

In re Estate of Walker

... They appeal from an order of the probate court denying them relief in their complaint regarding an amended inventory filed by the independent executor of the deceased's estate. ... Beasley filed an application to probate the deceased's will on August 18, 2003. ...

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