Story City Trusts Lawyer, Iowa
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LEGAL TERMS
KINDRED
Under some state's probate codes, all relatives of a deceased person.
EXEMPTION TRUST
A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth m... (more...)
A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property passes free from estate tax because of the personal exemption, and the rest is shielded from tax under the surviving spouse's marital deduction.
HOLOGRAPHIC WILL
A will that is completely handwritten, dated and signed by the person making it. Holographic wills are generally not witnessed. Although it's legal in many stat... (more...)
A will that is completely handwritten, dated and signed by the person making it. Holographic wills are generally not witnessed. Although it's legal in many states, making a holographic will is never advised except as a last resort.
NONPROBATE
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 surv... (more...)
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.
INVESTOR
A person who makes investments. An investor may act either for herself or on behalf of others. A stock broker or mutual fund manager, for instance, makes invest... (more...)
A person who makes investments. An investor may act either for herself or on behalf of others. A stock broker or mutual fund manager, for instance, makes investments for others who have entrusted her with their money.
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.
CERTIFICATION OF TRUST
See abstract of trust.
CERTIFIED COPY
A copy of a document issued by a court or government agency guaranteed to be a true and exact copy of the original. Many agencies and institutions require certi... (more...)
A copy of a document issued by a court or government agency guaranteed to be a true and exact copy of the original. Many agencies and institutions require certified copies of legal documents before permitting certain transactions. For example, a certified copy of a death certificate is required before a bank will release the funds in a deceased person's payable-on-death account to the person who has inherited them.
BANKRUPTCY ESTATE
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankrup... (more...)
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankruptcy estate for the duration of your case.
SAMPLE LEGAL CASES
In re Estate of Gist
... death, to the extent of such interests, including but not limited to interests in jointly held property,
retained life estates, and interests in trusts." Id. ... In Barkema, we identified the two classifications
of support trusts, a pure support trust and a discretionary support trust. Id. at 53-54. ...
IN THE MATTER OF ESTATE OF McDOWELL
... Jur. 2d Wills § 196, at 403 (2002). Such a provision is authorized under Iowa and Oregon statutes,
[2] both adapted from the Uniform Testamentary Additions to Trusts Act (1960) ("UTATA"). ... 1 Austin
W. Scott et al., Scott and Ascher on Trusts § 7.1.3, at 352 (Aspen 5th ed. 2006). ...
IN RE MATTER OF TRUST UNDER THE LAST WILL AND TESTAMENT OF WEITZEL
... Bass, 196 NW2d at 435; see also In re Woltersdorf, 255 Iowa 914, 916, 124 NW2d 510,
511 (1963) ("The matter of fees for executors and trustees rests within the sound discretion
of the trial court."); Restatement (Third) of Trusts § 38 cmt. ...
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