trusts, inheritances & estates

Ab intestato

Definition

A Latin term meaning "by intestacy." The term refers to laws governing the succession of property after its previous owner dies without a valid will.

AB Trust

Definition

An irrevocable trust created by a married couple to avoid probate and minimize federal estate tax. An AB trust is created by each spouse placing property into a trust and naming someone other than his or her spouse as the final beneficiary of...

Absolute

Definitions

1) Property: Used in property law to describe an estate that is free from any limitations at all. Only a fee simple may be absolute.

2) Divorce: An absolute divorce is a final judgment of divorce that dissolves the marriage and allows...

Abstract

See alsoAbstract of judgmentAbstract of titleAbstract of trust

Abstract of Trust

Definition

A shortened version of a Living Trust document, leaving out certain details (what is in the trust, the beneficiaries' identity). This is often used to provide proof that a trust has been established to a financial organization or other...

Accession

Definition

1) In trusts and estates law, assets produced by a devised asset after the execution of a will.

2) In secured transactions law, goods that physically united with other goods in a way that doesn't lose the identity of the original goods...

Accretion

1) in real estate, the increase of the actual land on a stream, lake or sea by the action of water which deposits soil upon the shoreline. Accretion is Mother Nature's little gift to a landowner. Compare to avulsion and alluvion.

2) In estates,...

Accumulation Trust

An accumulation trust is a trust in which the trustee does not distribute the income from the trust, but instead gathers the income and any profits from sale of trust assets and holds these in the trust until the trust terminates (at a time specified...

Adeem

See: Ademption

Ademption

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...

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