trusts, inheritances & estates

Child's Trust

A trust fund in which the trustee controls the trust corpus, until the beneficiary reaches a certain age (as stated in the trust). When the beneficiary reaches said age, the trust funds will be transfered to the beneficiary.

Class

Definition from Nolo’s Plain-English Law DictionaryA group that shares common attributes. In legal terms, this might be a group of people with the same level of rights (such as heirs who are equally related to the deceased), or who've suffered from the...

Codicil

A written amendment or addition to an existing will.

Collateral Consanguinity

Collateral consanguinity is the relationship between persons who are descendants from the same common ancestor but do not descend or ascend from each other. In other words, they are related by blood but do not descend from each other.

...

Collateral Descendant

A collateral descendant, also referred to as a collateral heir or collateral kin, descends from the same common ancestor as the decedent, but does not descend directly from the decedent. For example, siblings, cousins, nephews, nieces, aunts, and...

Collaterals

Relatives, such as uncles, aunts, siblings, or cousins, other than ancestors and issue.

Commingling

Definition from Nolo’s Plain-English Law DictionaryThe act of mixing the funds belonging to one party with those of another party. Usually, spouses or business partners may commingle assets without a problem. However, in community property states, a...

Common Property

Common Property has several related meanings.

First, Common Property is real property that is owned by "tenants in common." Because it is Common Property, the “tenants in common” each have an "undivided interest" in the entire property...

Community Property with Right of Survivorship

Property that is jointly owned by both spouses; and on the death of one spouse their 1/2 share will pass directly to the other spouse without going through probate.

For example, Husband and Wife own a house in a community property state. Each...

Community Trust

A type of pooled trust in which funds are placed in trust in perpetuity for public-health, educational, and other charitable purposes.

Pages