Richland County, ND Trusts Lawyers, page 2

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 surviving spouse's right to receive a set portion of the deceased spouse's estate -- usually one-third to one-half. Dower (not to be confused with a 'dowry') refers to the portion to which a surviving wife is entitled, while curtesy refers to what a man may claim. Until recently, these amounts differed in a number of states. However, because discrimination on the basis of sex is now illegal in most cases, most states have abolished dower and curtesy and generally provide the same benefits regardless of sex -- and this amount is often known simply as the statutory share. Under certain circumstances, a living spouse may not be able to sell or convey property that is subject to the other spouse's dower and curtesy or statutory share rights.

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.

In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used only in some states. Its value is calculated only if a surviving spouse declines whatever he or she was left by will and instead claims a share of the deceased spouse's estate. (This is called taking against the will.) The amount of this 'statutory share' or 'elective share' depends on state law.

Someone appointed by a judge to oversee the affairs of an incapacitated person. A conservator who manages financial affairs is often called a 'conservator of the estate.' One who takes care of personal matters, such as healthcare and living arrangements, is known as a 'conservator of the person.' Sometimes, one conservator is appointed to handle all these tasks. Depending on where you live, a conservator may also be called a guardian, committee or curator.

The distribution of a deceased person's property by any means other than probate. Many types of property pass free of probate, including property left to a surviving spouse and property left outside of a will through probate-avoidance methods such as pay-on-death designations, joint tenancy ownership, living trusts and life insurance. Property that avoids probate is sometimes described as the 'nonprobate estate.' Nonprobate distribution may also occur if the deceased person leaves an invalid will. In that case, property will pass according to the particular state's laws of intestate succession.

A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties have been completed but may happen sooner if the executor or administrator wishes to withdraw or is dismissed.

1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisfied. For example, if Fred is entitled to take property under a will only if he's married at the time of the will maker's death, Fred is a contingent beneficiary. Similarly, if Ellen is named to receive a house only in the event her mother, who has been named to live in the house, moves out of it, Ellen is a contingent beneficiary.