trusts and estates

Definition

A form of whole life insurance that combines aspects of universal life insurance and variable life insurance and provides for a death benefit and accrues cash value on a tax-deferr

Definition

A form of whole life insurance that accumulates cash value on a tax-deferred basis. Variable life insurance operates similarly to a mutual fund because the insured pays premiums that go into a separate investment account owned by the insured.

Definition

An estate that has no heirs, because they either do not exist or have renounced the estate. A vacant estate may escheat back to the state.

Illustrative caselaw

See, e.g. Simmons v. Saul, 138 U.S. 439 (1891).

Definition

A form of life insurance that offers flexible premiums, adjustable death benefits, and the ability of the insured to make partial withdrawals from the cash value. Universal life insurance policies generate cash value as the insured’s premium payments are invested into the insurer’s investment fund. The insurer pays the interest at a rate that is competitive with other investments, such as treasury bills, and the insured may use that interest to pay for his or her life insurance premiums.

Definition

Property acquired by a married person or couple in a non-community property state that would have been community property if it had been acquired in a community property state, e.g. California.

Definition

An indorsement — the placement of a signature on the back of a negotiable instrument — coupled with an additional phrase, e.g. "without recourse" or "for deposit only," limiting the liability of the indorser (signer) in the event the instrument is dishonored.

Definition

A medical examination of a corpse to determine disease, injury, and cause of death, especially in a criminal investigation. Also termed postmortem; postmortem examination; necropsy; obduction.

Rules for distributing property that belonged to someone who died intestate.  Intestacy rules usually take the form of sequential if-then statements that tell a probate court which heirs should be given priority in claiming the intestate decedent's property.

Definition

In estates and trusts law, documents — in particular, wills — that are important in carrying out a decedent's wishes.

In trust law, a remainder interest is the part of the trust property that remains after the specific devises are given to the intended beneficiaries.