trusts, inheritances & estates

Devise

A gift given by means of the will of a decedent of an interest in real property.

Devisee

One who receives a gift of some interest in real property from a decedent's will.

Devisor

Definition from Nolo’s Plain-English Law DictionarySomeone who leaves real estate by will. (See also: testator)

Definition provided by Nolo’s Plain-English Law Dictionary.

Devolve

Definition from Nolo’s Plain-English Law DictionaryWhen property is automatically transferred from one party to another by operation of law, without any act required of either past or present owner. The most common example is passing of title to the...

Direct Inheritance

Definition from Nolo’s Plain-English Law DictionaryProperty left outright to a person, rather than put into a trust or account. For those who qualify for SSI or Medicaid, direct inheritance may cause a reduction or elimination of those benefits because...

Directed Trust

A trust in which the trustee has less then full managerial authority, rather the additional control is appointed to someone else (fo example, an investment banker).

Discharge (of Personal Representative)

As noted in, for example, Indiana Code Title 29, Section 13, when a personal representative is discharged, the personal representative is released from his or her duties. The discharge operates as a bar to any suits against the...

Disclaim

Definition from Nolo’s Plain-English Law Dictionary1) To refuse or give away a claim or a right to something. For example, if your aunt leaves you a white elephant in her will and you don't want it, you can refuse the gift by disclaiming your ownership...

Disclaimer

If an heir receives a devise through intestate succession that she does not want to keep, she may disclaim the devise. When an heir disclaims a devise it will pass through intestate succession as if the heir who was supposed to receive the devise...

Disclaimer Trust

A form of bypass trust in which the surviving spouse may disclaim property after the deceased spouses's death. The disclaimed property will go directly into the bypass trust (rather then to the surviving spouse). The surviving spouse will not have...

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