Provisions in a trust which define what a trustee may or may not do and what the trustee controls. Generally includes the ability to choose investments for property, for example.
Person(s) or legal entity which manages a trust and trust property according to the terms of a trust.
Trust which automatically is terminated when there is one sole beneficiary left and that person is also the sole remaining trustee.
Property inside of a trust.
* Legal document which designates one person or institution (trustee) to control property given by another person (trustor) for the benefit of a 3rd party (beneficiary). The property included in a trust is called the principal of the trust.
* A property interest held by one person for the benefit of another
Designation of ownership of property which provides for a direct transfer to the named person upon the death of the owner.
Document which proves ownership of property.
Person making a will
Trust created by a will.
Someone who dies and leaves a valid will or estate planning device in place.
Form of joint ownership which provides that if one joint owner dies, his or her share becomes part of his or her estate rather than automatically becoming the property of the other joint tenants. See also joint tenancy and tenancy by the entirety.
Form of marital property ownership with a right of survivorship between the spouses. See also joint tenancy.
That part of an estate which is subject to federal or state estate taxes.
Choice by surviving spouse to receive his or her statutory share of an estate rather than what has been provided for him or her in the will. See dower and curtesy.