Sheffield Wills & Probate Lawyer, Illinois
Includes: Estate Administration, Living Wills, Wills
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LEGAL TERMS
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.'
ADEMPTION
The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she di... (more...)
The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she dies. Often this happens because the property has been sold, destroyed or given away to someone other than the beneficiary named in the will. A bequest may also be adeemed when the will maker, while still living, gives the property to the intended beneficiary (called 'ademption by satisfaction'). When a bequest is adeemed, the beneficiary named in the will is out of luck; he or she doesn't get cash or a different item of property to replace the one that was described in the will. For example, Mark writes in his will, 'I leave to Rob the family vehicle,' but then trades in his car in for a jet ski. When Mark dies, Rob will receive nothing. Frustrated beneficiaries may challenge an ademption in court, especially if the property was not clearly identified in the first place.
INTESTATE
The condition of dying without a valid will. The probate court appoints an administrator to distribute the deceased person's property according to state law.
PREDECEASED SPOUSE
In the law of wills, a spouse who dies before the will maker while still married to him or her.
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.
IN TERROREM
Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement... (more...)
Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement. For example, a will might state that an heir will forfeit her inheritance if she challenges the validity of the will. Of course, if the will is challenged and found to be invalid, then the clause itself is also invalid and the heir takes whatever she would have inherited if there were no will.
LIFE BENEFICIARY
A person who receives benefits, under a trust or by will, for his or her lifetime. For an example, see AB trust.
PROBATE
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased pers... (more...)
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased person's affairs identifying and inventorying the deceased person's property paying debts and taxes identifying heirs, and distributing the deceased person's property according to the will or, if there is no will, according to state law. Formal court-supervised probate is a costly, time-consuming process -- a windfall for lawyers -- which is best avoided if possible.
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.
SAMPLE LEGAL CASES
In re Estate of Ellis
... Bauman was the pastor of the church of which Ellis was a member. When Ellis died in 2003, the
1999 will was admitted to probate. ... The circuit court of Cook County dismissed all counts as
untimely pursuant to section 8-1 of the Probate Act of 1975 (755 ILCS 5/8-1 (West 2006)). ...
Wackrow v. Niemi
... James Woods died in August 2002. Letters of office were issued and Woods' will was admitted
to probate on October 23, 2002. ... The estate did not deliver the property or the $300,000 to plaintiff.
On October 24, 2003, the probate court denied plaintiff's claim against the estate. ...
In re Estate of Feinberg
... freedom. The Probate Act places only two limits on the ability of a testator to choose
the objects of his bounty. ... desire. Under the Probate Act, Max and Erla had no
obligation to make any provision at all for their grandchildren. ...
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