Rowan County, NC Estate Planning Lawyers
Includes: Gift Taxation
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William (Bill) W. Cameron
Juvenile Law, Estate Planning, Family Law, Criminal
Status: In Good Standing Licensed: 18 Years
117 W Council St, Salisbury, NC 28144
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225 North Main Street, Salisbury, NC 28145
Profile LAWPOINTS™19/100
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LEGAL TERMS
SPRINKLING TRUST
A trust that gives the person managing it (the trustee) the discretion to disburse its funds among the beneficiaries in any way he or she sees fit.
ADMINISTRATRIX
An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male... (more...)
An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male or female, this person is called the administrator.
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 property.... (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.
POWER OF APPOINTMENT
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust o... (more...)
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.
HEIR APPARENT
One who expects to be receive property from the estate of a family member, as long as she outlives that person.
ANCILLARY PROBATE
A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are... (more...)
A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are necessary if the deceased person owned real estate in another state.
REMAINDERMAN
Someone who will inherit property in the future. For instance, if someone dies and leaves his home 'to Alma for life, and then to Barry,' Barry is a remainderma... (more...)
Someone who will inherit property in the future. For instance, if someone dies and leaves his home 'to Alma for life, and then to Barry,' Barry is a remainderman because he will inherit the home in the future, after Alma dies.
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.'
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.
SAMPLE LEGAL CASES
HIGH POINT BANK AND TRUST COMPANY v. SAPONA MANUFACTURING COMPANY, INC.
... to the defendant corporations; (3) Sapona made the same tender offer again in 2000; and (4)
Mrs. Simmons wanted the proceeds of the purchased shares to benefit her adult son, Bo, and
she expressed her belief to the trust officer in charge of her estate planning, Ms. Elizabeth ...
Mileski v. McConville
... contends the executors of Ms. Mileski's estate had knowledge of his claims against the estate
because they knew or should have known that the transfer of his assets to Ms. Mileski's name
was unauthorized and that Ms. Mileski breached the joint estate planning agreement. ...
HIGH POINT BANK & TRUST CO. v. SAPONA MFG.
... to the defendant corporations; (3) Sapona made the same tender offer again in 2000; and (4)
Mrs. Simmons wanted the proceeds of the purchased shares to benefit her adult son, Bo, and
she expressed her belief to the trust officer in charge of her estate planning, Ms. Elizabeth ...
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