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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, (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.'
real estate agent
A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must (more...)
A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must have a state license and be supervised by a real estate broker. Most agents are completely dependent upon commissions from sellers for their income, so it pays to find out which side the agent represents (buyer, seller or both) before you place too much trust in the agent's opinion.
family pot trust
See pot trust.
In the law of wills, a spouse who dies before the will maker while still married to him or her.
Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. (more...)
Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. For example, Fred leaves his house jointly to his son Alan and his daughter Julie. But Alan dies before Fred, leaving two young children. If Fred's will states that heirs of a deceased beneficiary are to receive the property 'per stirpes,' Julie will receive one-half of the property, and Alan's two children will share his half in equal shares (through Alan by right of representation). If, on the other hand, Fred's will states that the property is to be divided per capita, Julie and the two grandchildren will each take a third.
heir at law
A person entitled to inherit property under intestate succession laws.
A defendant's court papers that seek to reverse the thrust of the lawsuit by claiming that it was the plaintiff -- not the defendant -- who committed legal (more...)
A defendant's court papers that seek to reverse the thrust of the lawsuit by claiming that it was the plaintiff -- not the defendant -- who committed legal wrongs, and that as a result it is the defendant who is entitled to money damages or other relief. Usually filed as part of the defendant's answer -- which also denies plaintiff's claims -- a counterclaim is commonly but not always based on the same events that form the basis of the plaintiff's complaint. For example, a defendant in an auto accident lawsuit might file a counterclaim alleging that it was really the plaintiff who caused the accident. In some states, the counterclaim has been replaced by a similar legal pleading called a cross-complaint. In other states and in federal court, where counterclaims are still used, a defendant must file any counterclaim that stems from the same events covered by the plaintiff's complaint or forever lose the right to do so. In still other states where counterclaims are used, they are not mandatory, meaning a defendant is free to raise a claim that it was really the plaintiff who was at fault either in a counterclaim or later as part of a separate lawsuit.
funding a trust
Transferring ownership of property to a trust.
The value of all property owned at death less liabilities or debts.
... 1118 OPINION. CORRIGAN, J.—. In 2003 the Legislature enacted Probate Code section 1516.5,
making it easier for children in probate guardianships to be adopted by their guardians. (Stats.
2003, ch. ... We granted review. II. DISCUSSION. A. Probate Guardianship. ...
... In August 2003, the probate court appointed Lionel B. Sanders, certified public accountant,
conservator of Sylvia's and Louis's estates in the related conservatorships. ... DISCUSSION. 1. The
probate court had jurisdiction in November 2005 to suspend appellant trustee's powers. ...
... (collectively Smith), appeal from a probate court order granting the motion of petitioners Lu Ella
Bennett, Jack H. Bennett, Jr., and Louise Comer to set aside and rescind a settlement agreement
and an assignment of their interests in the estate of Jack Harry Bennett (decedent). ...