trusts and estates

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The trust beneficiary is the party for whose benefit the trustee holds the title to the trust property.

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Trust intent is the settlor’s intent to make a trust. It is a requirement of an express trust along with trust property, a trustee and definite beneficiaries.
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Trust property is also known as the “trust res” or “corpus.” It is the property that is the subject of the trust. The property must be presently existing and identified. Trust property can be any property interest that the law recognizes as a...
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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...

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Definition

1) Empty, unclaimed, and/or unoccupied real property.

2) An abandoned estate, i.e. an estate that has no heirs or claimants.

Illustrative caselaw

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

See also

Abandoned property

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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).

See also

Abandoned...

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Definition

In estates and trusts law, documents — in particular, wills — that are important in carrying out a decedent's wishes. In addition to wills, valuable papers include power of attorney forms, title documents, stock certificates, and letters to...

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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...

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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-deferred basis. Variable universal life insurance ("VUL") policies...

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Though transfers by will are normally donative, it is possible to use a will to form an obligatory, legally enforceable contract. A will contract is created when a promise is made and supported by consideration to leave property by will to the promisee...

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