As sprinkling trust is a trust where the trustee is allowed to disperse funds according to the needs of the beneficiaries. Unlike many trusts where the trustee must follow strict instructions from the creator of the trust, sprinkling trusts...
trusts, inheritances & estates
statutory share
Statutory share (also called forced, elective, or spousal share) refers to the amount state laws entitle a spouse or other person to regardless of what is in a will. Usually, statutory share will refer to the amount a person will be able to...
stepped-up basis
Stepped-up basis refers to a tax policy that looks at the market value of assets at the time a person inherits them instead of the value when the prior owner purchased the assets. For tax purposes, assets that are sold will be taxed for...
stirpes
Stirpes (Latin for “by branch”) is a word used in the context of inheritance and estate planning to refer to the line of descent of a family branch or ancestor.
See also: pure per stirpes, modified per stirpes.
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subject to a condition subsequent
An estate that has a natural duration that may be cut short once a particular event or condition happens that allows the grantor to take the property back. The particular event is part of the grantor's future interest rather than part of the estate...
subject to open
Also called subject to partial divestment. An estate is given to a certain class of individuals (eg. a person's children), one or more of whom must be already ascertained as part of the class and who has satisfied any conditions precedent to vesting...
subject to partial divestment
See subject to open.
succession
Succession, in legal terms, means succeeding to the rights of another. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits the property when someone dies without a...
successor trustee
Successor Trustee is the person or institution who takes over the management of a living trust property when the original trustee has died or become incapacitated. The exact responsibilities of a successor trustee will vary depending on the...
supplemental needs trust
See: Special needs trust
[Last updated in October of 2021 by the Wex Definitions Team]