Waxhaw Trusts Lawyer, North Carolina
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Mathew W. Schantz
Estate, Wills, Power of Attorney, Trusts, Estate Administration
Status: In Good Standing Licensed: 12 Years
FREE CONSULTATION 
CONTACT 8440 Rea Rd., Charlotte, NC 28277
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Thomas J Gorman
Real Estate, Wills & Probate, Trusts, Business
Status: In Good Standing Licensed: 37 Years
13925 Ballantyne Corporate Place,, Charlotte, NC 28277
Profile LAWPOINTS™34/100
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13925 Ballantyne Corporate Place, Charlotte, NC 28277
Profile LAWPOINTS™29/100
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LEGAL TERMS
CERTIFICATION OF TRUST
See abstract of trust.
INTESTATE SUCCESSION
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest s... (more...)
The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.
ENTITY
An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from i... (more...)
An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from its individual members--for example, a corporation, partnership, trust, estate or government agency. The entity is treated like a person; it can function legally, be sued, and make decisions through agents.
ABATEMENT
A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other exp... (more...)
A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other expenses. Gifts left in the will are cut back in order to pay taxes, satisfy debts or take care of other gifts that are given priority under law or by the will itself.
DEED OF TRUST
See trust deed.
RESIDUARY ESTATE
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.
DOWER AND CURTESY
A surviving spouse's right to receive a set portion of the deceased spouse's estate -- usually one-third to one-half. Dower (not to be confused with a 'dowry') ... (more...)
A surviving spouse's right to receive a set portion of the deceased spouse's estate -- usually one-third to one-half. Dower (not to be confused with a 'dowry') refers to the portion to which a surviving wife is entitled, while curtesy refers to what a man may claim. Until recently, these amounts differed in a number of states. However, because discrimination on the basis of sex is now illegal in most cases, most states have abolished dower and curtesy and generally provide the same benefits regardless of sex -- and this amount is often known simply as the statutory share. Under certain circumstances, a living spouse may not be able to sell or convey property that is subject to the other spouse's dower and curtesy or statutory share rights.
COUNTERCLAIM
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 wron... (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.
DEATH TAXES
Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who... (more...)
Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who inherit property.
SAMPLE LEGAL CASES
Carcano v. JBSS, LLC
... Constructive trusts ordinarily arise from actual or constructive fraud and usually involve the
"`breach of a confidential relationship.'" Patterson v. Strickland, 133 NCApp. ... Trusts created by
operation of law are classified into resulting trusts and constructive trusts. ...
Livesay v. Carolina First Bank
... NC Gen.Stat. § 36C-5-505(a)(3) (2007). The section was enacted in 2005, became effective on
1 January 2006, and applies to. (i) all trusts created before, on, or after that date; (ii) all judicial
proceedings concerning trusts commenced on or after that date; and (iii) judicial ...
In re Ernst & Young, LLP
... Carolina. In 1996, with the assistance of Ernst & Young, Wal-Mart underwent corporate
restructuring to implement these tax shelters and placed substantially all of its real
estate interests in real estate investment trusts ("REITs"). ...
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