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To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit (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.
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.
The provisions in a trust document defining what the trustee may and may not do.
A will that 'pours over' property into a trust when the will maker dies. Property left through the will must go through probate before it goes into the trust.
surviving spouse's trust
If a couple has created an AB trust, the revocable living trust (Trust B) of the surviving spouse, after the first spouse has died.
A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.
The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at (more...)
The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at which the person is present and/or represented by an attorney. A finding of incompetence may lead to the appointment of a conservator to manage the person's affairs. Also known as 'incompetency.'
failure of issue
A situation in which a person dies without children who could have inherited her property.
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 (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.
... Plaintiff appeals a judgment of final distribution arising out of a probate proceeding in which the
court approved personal representative fees payable to defendant by the estate of Christopher
Brown (the decedent) based on the proceeds of a wrongful death claim settlement. ...
... Appellant, Assisted Living Concepts, Inc. (ALC), which is not a party in the underlying probate
proceeding, appeals from an order of the probate court denying its motion to quash a subpoena
duces tecum and granting the personal representative's motion to compel discovery. ...
... three sons. . In March 2009, petitioner filed an action seeking to probate Acy's
will and to be appointed her personal representative. Later that year, he sought
a declaration regarding ownership of the real property. The trial ...