A support trust is a trust that contains a provision directing the trustee to pay to the beneficiary as much of the income and principal as is necessary for the beneficiary’s education and support. The beneficiary's interest is unreachable by creditors...
trusts, inheritances & estates
surrogate court
Surrogate court is a subject-matter jurisdiction court dealing with administration of wills, guardianship, administration of assets, etc. The court also deals with unclaimed property of the deceased, who died without a will. The officer of...
surviving spouse's trust
Surviving spouse’s trust refers to the trust controlled by the living spouse in an AB trust scheme. In an AB trust, a couple plans to split their assets into two trusts to limit the estate taxes incurred by their property before being given...
survivor
Someone who lives after the occurrence of an event that entitles them to seek a distribution of property or income (e.g., a surviving spouse).
survivorship
See: Right of survivorship
[Last updated in October of 2021 by the Wex Definitions Team]
takers in default
In the context of a power of appointment, the takers in default are the individuals who take if the power is not properly exercised. These individuals or class of individuals are usually named in the “takers in default clause.”
taking against the will
Taking against the will refers to the decision of the surviving spouse to refuse what the deceased spouse chose to leave to them in the will. Instead of accepting whatever was left to them in that will, the surviving spouse will claim the...
tentative trust
Tentative trust (also called a Totten trust) is a bank account where the account’s assets will be transferred to a beneficiary after the death of the depositor. A depositor may choose a tentative trust because the assets can quickly be given...
terrorem clause
In terrorem clauses, also known as a no-contest clauses, are clauses in a will that impose upon a devisee or legatee a condition that they will not dispute the provisions of a will. Such clauses are used to discourage challenges to a will by...
testacy
Testacy refers to the condition of leaving a valid will. It is compared to intestacy, in which someone dies without a valid will and their estate passes under state laws of descent and distribution. Dying testate does not allow the...