trusts and estates

Accession has several specialized meanings in legal contexts.

• trusts and estates

Ademption by extinction refers to when an intended gift of property through a will fails to transfer those property rights because the property as described in the will no longer belongs to the testator when the will takes effect. 

• trusts and estates

Anti-lapse statutes are laws enacted in every state that prevent bequests from lapsing when the intended beneficiary has relatives covered by the statute.

• trusts and estates

In the context of a power of appointment, the appointees are the individuals selected by the donee from the objects of the power.

• trusts and estates

Appointive assets refer to the property, both real property and chattel, subject to a power of appointment. Once the power of appointment is exercised, ownership of the appointive assets will transfer to the appointees.

• trusts and estates

An asset protection trust is a self-settled spendthrift trust.  This means it is a trust that an individual creates for themselves that is protected from creditors.  Asset protection trusts are normally found outside of the United States. There are some basic features of an offshore asset protection trust:

• trusts and estates

The capture doctrine is a theory in trust law that addresses the disposition of ineffectively appointed property under general power.

• trusts and estates

A charitable trust qualifies for certain favorable treatment under U.S.

• trusts and estates

Cy pres means "as near as possible.”

• trusts and estates

A death beneficiary is the person who is conferred a benefit upon the death of another, usually through a will or trust.

[Last reviewed in September of 2022 by the Wex Definitions Team]

• trusts and estates