A death beneficiary is the person who is conferred a benefit upon the death of another, usually through a will or trust.
trusts and estates
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Definite beneficiaries are a requirement of an express trust along with trust property, trust intent, and a trustee. This means that the identities of the beneficiaries must be ascertainable. As long as there are objective standards on which to define...
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Dependent relevant revocation (DRR - also known as ineffective revocation) is a doctrine in trusts and estates law. It makes a revocation of a former will ineffective if the testator made the revocation through execution of a new will, and that...
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A descendant is a person born in a direct biological line. For example, a person's children, grandchildren and great-grandchildren are their descendants.
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A discretionary power of appointment is distinguished from a mandatory power of appointment in that its exercise is optional. The power is valid so long as there is at least one person who reasonably fits the description of the class whose favor in...
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In regard to wills, the doctrine of incorporation by reference means that unattested papers (papers not present when the will was executed) can still be regarded as part of the will by incorporation. A writing that is not valid as a will but is in...
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The doctrine of integration of wills is a legal theory that says that since wills are multi-page documents, they do not have to be signed or initialed on every page. Each page is regarded as part of single integrated document, so long as all pages are...
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An express trust (intentional trust) is any trust created volitionally by a settlor. It can be either private or public.
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The federal gift tax is a tax levied by the federal government on a donor who transfers property to a donee without the donee giving consideration in return. The gifted property must be in an amount above the limit set by the federal government in...
(Wex page)
Trustees have certain legal duties in relation to the management of the trust. The most important duty is the duty of loyalty. Since trustees are the legal owners of the trust property, the duty of loyalty prevents the trustee from taking...