Saint Stephen Trusts Lawyer, Minnesota

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LEGAL TERMS

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.

FAMILY POT TRUST

See pot trust.

KINDRED

Under some state's probate codes, all relatives of a deceased person.

CERTIFICATION OF TRUST

See abstract of trust.

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An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will.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An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will.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.

INHERITANCE TAXES

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 prop... (more...)
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.

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 MERGER

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separati... (more...)
Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust 'merges' and ceases to exist.

WILL

A document in which you specify what is to be done with your property when you die and name your executor. You can also use your will to name a guardian for you... (more...)
A document in which you specify what is to be done with your property when you die and name your executor. You can also use your will to name a guardian for your young children.

SAMPLE LEGAL CASES

US BANK NA v. Cold Spring Granite Co.

... Thomas Moore, Ann McCabe, and US Bank (Moores) are trustees of eight appellant family trusts (Moore Trusts) that brought suit against respondent Cold Spring Granite Company (CSG) and its chairman and CEO respondent Patrick D. Alexander after CSG stock belonging to ...

IN RE ROSCKES v. County of Carver

... intent to limit Medicaid to the financially needy, many individuals exploited a loophole in the Medicaid statute allowing them to attain Medicaid eligibility while preserving assets for their heirs by transferring their assets to irrevocable Medicaid-qualifying trusts (MQTs). ...

Swenson v. Bender

... Carlson v. SALA Architects, Inc., 732 NW2d 324, 331 (Minn.App.2007), review denied (Minn. Aug. 21, 2007). Fiduciary relationships arise when one person trusts and confides in another who has superior knowledge and authority. Id. at 330. ...