See: settlor.
[Last updated in August of 2021 by the Wex Definitions Team]
trusts, inheritances & estates
Uniform Gifts to Minors Act (UGMA)
The Uniform Gifts to Minors Act (UGMA) allows money and financial securities to be transferred to minors through a UGMA account and is allowed in all states. UGMA allows the property to be gifted to a minor without establishing a formal trust...
Uniform Principal and Interest Act
The Uniform Principal and Interest Act, also known as the Uniform Principal and Income Act, is a uniform statute, adopted by most states, that in its most recent version allows some trustees to make adjustments that were not formerly allowed...
Uniform Probate Code
The Uniform Probate Code (UPC) was prepared by the Uniform Law Commission (ULC) in 1969 and was last amended in 2019. The UPC contains a comprehensive set of standard rules that the ULC has approved and recommended for enactment in all states...
Uniform Prudent Investor Act
The Uniform Prudent Investor Act (UPIA) was prepared by the Uniform Law Commission (ULC) in 1994 and was approved by the American Bar Association in 1995. The UPIA contains a comprehensive set of standard rules that the ULC has approved and...
Uniform Simultaneous Death Act
Uniform Simultaneous Death Act is a piece of legislation enacted by many states which prevents the need of multiple probate proceedings when two individuals die within 120 hours of one another. When someone passes with or without a will,...
Uniform Transfers to Minors Act
The Uniform Transfers to Minors Act (UTMA) expanded on the Uniform Gifts to Minors Act allowing all kinds of property such as bonds, real estate, and art to be transferred to minors and was adopted by most states. UTMA allows the property to...
vacant
Definition
1) Empty, unclaimed, and/or unoccupied real property.
2) An abandoned estate, i.e. an estate that has no heirs or claimants.
Illustrative caselawSee, e.g. Simmons v. Saul, 138 U.S. 439 (1891).
See also...
vacant succession
Vacant succession refers to when no heirs to an estate can be found or those that are known predeceased the testator or rescinded their inheritance. Vacant succession typically refers to property being distributed under a will, not as an...
valuable papers
In estates and trusts law, documents — in particular, wills — that are important in carrying out a decedent's wishes. In addition to wills, valuable papers include power of attorney forms, title documents, stock certificates, and letters to be opened...