A form of bypass trust limited to an amount no larger than the personal federal estate tax exemption for the year of death; the personal exemption protects this property from the estate tax. Additional property is directed to the surviving spouse, and is shieded by the marital deduction.
A trust fund in which the trustee controls the trust corpus, until the beneficiary reaches a certain age (as stated in the trust). When the beneficiary reaches said age, the trust funds will be transfered to the beneficiary.
The failure of a bequest from a will because the property is no longer in the estate. For example, if the decedent leaves "My car to my niece", but owns no car at the time of death.
What the beneficiary actually receives in these situations depends on the testator's(person who wrote the will) intent, the gift that failed, and state law.
A form of division of property rights in which for certain property the ownership (which goes to the trustee) is seperated from the beneficial enjoyment (which goes to the beneficiary). The person who transferes the property into the trust is known as the "Grantor" or "Settlor".
