Executory refers to something (generally a contract) that has not yet been fully performed or completed and is therefore considered imperfect or unassured until its full execution. Anything executory is started and not yet finished, or is in...
trusts, inheritances & estates
executory interest
An executory interest is a future interest in a transferee that must either divest the prior estate or spring out of the grantor to become possessory. Executory interests are non-vested interests and are subject to the Rules Against...
executory remainder
Executory remainder (more commonly referred to as contingent remainder) is a subtype of a remainder, or a future interest in the grantee. Executory remainders can come in two forms: a remainder is created in an unknown person or a remainder...
executrix
An executrix is an antiquated term for a woman named in a will as the person responsible for carrying out the terms of the will, as per the testator’s wishes. This term is not commonly used now and every person in this role, no matter their...
exemption trust
Exemption trusts (also called a bypass trust, AB trust, or a credit shelter trust) are a tool used by well-off married individuals to legally maximize their estate tax exemptions.
The strategy involves creating a trust or...
expectancy
Expectancy refers to the share of an estate that an heir apparent stands to inherit upon the death of an ancestor. Since expectancies are only potential future interests, and have not yet vested, the transfer of them is generally considered...
expenses of administration
Expenses of administration (also referred to as administration costs) are the required costs incurred by the administrator in carrying out the terms of an estate. These expenses can be deducted from the estate’s income, reducing tax liability...
express trust
An express trust (intentional trust) is any trust created volitionally by a settlor (also known as trustor or grantor) in express terms, and usually in writing. It can be either private or public. The opposite of an express trust, in legal...
failure of issue
A failure of issue occurs when a property-holder dies but leaves behind no living children or direct descendants to inherit the property. There are two specific types:
Definite Failure of Issue: a failure of issue determined at a...family
A family is a group of people that are connected by either genetics or legal systems. This might include biological parents, children, siblings, or any extended blood relatives. Those not connected by consanguinity might become family through...