trusts, inheritances & estates

Anticontest Clause

Definition from Nolo’s Plain-English Law DictionarySee: no-contest clause

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

Antilapse Statute

Under normal estate law, a gift will "lapse" (no longer exist, the gift returns to the will residuary) if the beneficiary predeceases the testator (if the person receiving the gift dies before the person who wrote the will, there is no gift).

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Applicable Exclusion Amount

The applicable exclusion amount (also known as unified credit) refers to the total gifts and estate transfers exempted from an individual’s gift and estate taxes. Every U.S. citizen has an applicable exclusion amount for all gifts made inter...

Appointees

In the context of a power of appointment, the appointees are the people the donee actually selects from the objects of the power.

Appointive Assets

In the context of a power of appointment, appointive assets refer to the property subject to the power.

Ascertained

When a particular individual that holds a future interest is alive and may be identified. The heirs of a person who is still alive are unascertained.

Asset Protection Trust

An asset protection trust is a self-settled spendthrift trust. This means it is a trust that an individual creates a trust for himself that is protected from creditors. Asset protection trusts are normally found outside of the United States. The...

Assignee

A person to whom a property right is transferred by the person holding such rights under contract (the “assignor”). The act of transferring is referred to as “assigning” or “assignment” and is a concept used in contract and property law.

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Assignment

Assignment is a legal term whereby an individual, the “assignor,” transfers rights, property, or other benefits to another known as the “assignee.” This concept is used in both contract and property law. The term can refer to either the act of...

Assignment for Benefit of Creditors

Assignment for the benefit of the creditors (ABC)(also known as general assignment for the benefit of the creditors) is a voluntary alternative to formal bankruptcy proceedings that transfers all of the assets from a debtor to a trust for...

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