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Advancement (inheritance)
Advancement is a common law doctrine of intestate succession that presumes that gifts given to a person's heir during that person's life are intended as an advance on what that heir would inherit upon the death of the parent. Not to be confused with an advance of someone's expected distribution from an estate currently in probate. Example Suppose person P had two children, A and B. Suppose also that P had $100,000, and gave $20,000 to child A before P's death, leaving $80,000 in P's estate. If P died without a will, and A and B were P's only heirs, A and B would be entitled to split P's estate evenly. If the doctrine of advancement were not applied, then each child would receive half of the remaining $80,000, or $40,000. However, if the doctrine of advancement is applied, then the $20,000 already given to A would be considered part of P's estate advanced to A. Thus, the estate would still be valued at $100,000, and each heir would be entitled to $50,000, with the $20,000 already gi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Law
In law, common law (also known as judicial precedent, judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions."The common law is not a brooding omnipresence in the sky, but the articulate voice of some sovereign or quasi sovereign that can be identified," ''Southern Pacific Company v. Jensen'', 244 U.S. 205, 222 (1917) (Oliver Wendell Holmes, dissenting). By the early 20th century, legal professionals had come to reject any idea of a higher or natural law, or a law above the law. The law arises through the act of a sovereign, whether that sovereign speaks through a legislature, executive, or judicial officer. The defining characteristic of common law is that it arises as precedent. Common law courts look to the past decisions of courts to synthesize the legal principles of past cases. '' Stare decisis'', the principle that cases should be decided according to consistent principled rules so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intestacy
Intestacy is the condition of the estate of a person who dies without having in force a valid will or other binding declaration. Alternatively this may also apply where a will or declaration has been made, but only applies to part of the estate; the remaining estate forms the "intestate estate". Intestacy law, also referred to as the law of descent and distribution, refers to the body of law (statutory and case law) that determines who is entitled to the property from the estate under the rules of inheritance. History and the common law Intestacy has a limited application in those jurisdictions that follow civil law or Roman law because the concept of a will is itself less important; the doctrine of forced heirship automatically gives a deceased person's next-of-kin title to a large part (forced estate) of the estate's property by operation of law, beyond the power of the deceased person to defeat or exceed by testamentary gift. A forced share (or legitime) can often only be d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gift (law)
A gift, in the law of property, is the voluntary and immediate transfer of property from one person (the donor or grantor) to another (the donee or grantee) without consideration. There are several type of gifts in property law, most notably ''inter vivos'' gifts which are made in the donor's lifetime and ''causa mortis'' (deathbed) gifts which are made in expectation of the donor's imminent death. Both types of gifts share three elements which must be met in order for the gift to be legally effective: donative intent (the intention of the donor to give the gift to the donee), the delivery of the gift to the donee, and the acceptance of the gift. In addition to those elements, ''causa mortis'' gifts require that the donor must die of the impending peril that he or she had contemplated when making the gift. ''Inter vivos'' gifts An ''inter vivos'' gift is an ordinary gift of personal property from one living person to another. It can be a gift of a present or future interest in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heir
Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Officially bequeathing private property and/or debts can be performed by a testator via will, as attested by a notary or by other lawful means. Terminology In law, an ''heir'' is a person who is entitled to receive a share of the deceased's (the person who died) property, subject to the rules of inheritance in the jurisdiction of which the deceased was a citizen or where the deceased (decedent) died or owned property at the time of death. The inheritance may be either under the terms of a will or by intestate laws if the deceased had no will. However, the will must comply with the laws of the jurisdiction at the time it was created or it will be declared invalid (for example, some states do not recognise handwritten wills as valid, or only in s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Property
property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law systems, personal property is often called movable property or movables—any property that can be moved from one location to another. Personal property can be understood in comparison to real estate, immovable property or real property (such as land and buildings). Movable property on land (larger livestock, for example) was not automatically sold with the land, it was "personal" to the owner and moved with the owner. The word ''cattle'' is the Old Norman variant of Old French ''chatel'', chattel (derived from Latin ''capitalis'', “of the head”), which was once synonymous with general movable personal property. Classifications Personal property may be classified in a variety of ways. Intangible Intangible personal property or "intangibles" refers to personal property that cannot actually be moved, touched or felt, but instead repre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a major settlement for two millennia. The City of London, its ancient core and financial centre, was founded by the Romans as '' Londinium'' and retains its medieval boundaries.See also: Independent city § National capitals The City of Westminster, to the west of the City of London, has for centuries hosted the national government and parliament. Since the 19th century, the name "London" has also referred to the metropolis around this core, historically split between the counties of Middlesex, Essex, Surrey, Kent, and Hertfordshire, which largely comprises Greater London, governed by the Greater London Authority.The Greater London Authority consists of the Mayor of London and the London Assembly. The London Mayor is distinguished fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
York
York is a cathedral city with Roman origins, sited at the confluence of the rivers Ouse and Foss in North Yorkshire, England. It is the historic county town of Yorkshire. The city has many historic buildings and other structures, such as a minster, castle, and city walls. It is the largest settlement and the administrative centre of the wider City of York district. The city was founded under the name of Eboracum in 71 AD. It then became the capital of the Roman province of Britannia Inferior, and later of the kingdoms of Deira, Northumbria, and Scandinavian York. In the Middle Ages, it became the northern England ecclesiastical province's centre, and grew as a wool-trading centre. In the 19th century, it became a major railway network hub and confectionery manufacturing centre. During the Second World War, part of the Baedeker Blitz bombed the city; it was less affected by the war than other northern cities, with several historic buildings being gutted and restore ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hereditary Title
Hereditary titles, in a general sense, are nobility titles, positions or styles that are hereditary and thus tend or are bound to remain in particular families. Though both monarchs and nobles usually inherit their titles, the mechanisms often differ, even in the same country. The British crown has been heritable by women since the medieval era (in the absence of brothers), while the vast majority of hereditary noble titles granted by British sovereigns are not heritable by daughters. Gender preference Often a hereditary title is inherited only by the legitimate, eldest son of the original grantee or that son's male heir according to masculine primogeniture. In some countries and some families, titles descended to all children of the grantee equally, as well as to all of that grantee's remoter descendants, male and female. This practice was common in the Kalmar Union, and was frequently the case in the letters patent issued by King Eric of Pomerania, King Joseph Bonaparte conf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hotchpot
In civil and property law, hotchpot (sometimes referred to as hotchpotch or the hotchpotch rule) is the blending, combining or offsetting of property (typically gifts) to ensure equality of a later division of property. The name hotch-pot is taken from a kind of pudding, and is derived from the French word ''hocher'', or "shake." It was used as early as 1292 as a legal term, and from the 15th century in cooking for a sort of broth with many ingredients (see Hodge-Podge soup), and so it is used figuratively for any heterogeneous mixture. Use It commonly arises in cases of divorce financial proceedings often in the guise of other names and general principles used. Hotchpot remains of occasional use in a dwindling range of jurisdictions worldwide to divide up a deceased person's estate subsequent to gift(s) which the local law considers: *"advanced" under general applicable intestacy rules or family/other trusts by the donor (also known as a settlor where an express trust has bee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jurisdiction
Jurisdiction (from Latin 'law' + 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, areas of jurisdiction apply to local, state, and federal levels. Jurisdiction draws its substance from international law, conflict of laws, constitutional law, and the powers of the executive and legislative branches of government to allocate resources to best serve the needs of society. International dimension Generally, international laws and treaties provide agreements which nations agree to be bound to. Such agreements are not always established or maintained. The exercise of extraterritorial jurisdiction by three principles outlined in the UN charter. These are equality of states, territorial sovereignty and non-intervention. This raises the question of when can many states prescribe or enforce jurisdiction. The ''Lotus'' case establishes two key rules to the prescription and enforcement of jurisdi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Probate Code
The Uniform Probate Code ( commonly abbreviated UPC) is a uniform act drafted by National Conference of Commissioners on Uniform State Laws (NCCUSL) governing inheritance and the decedents' estates in the United States. The primary purposes of the act were to streamline the probate process and to standardize and modernize the various state laws governing wills, trusts, and intestacy. History Drafting of the Uniform Probate Code began in 1964. The final version of the original UPC was promulgated in 1969 as a joint project between NCCUSL and the Real Property, Probate and Trust Law Section of the American Bar Association. Richard V. Wellman served as Chief Reporter on the project. The UPC has been revised several times, most recently in 2008. Adoption by the states Although the UPC was intended for adoption by all 50 states, the original 1969 version of the code was adopted in its entirety by only fifteen states: Alaska, Arizona, Colorado, Hawaii, Idaho, Maine, Michigan, Minn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ademption By Satisfaction
Ademption by satisfaction, also known as satisfaction of legacies, is a common law doctrine that determines the disposition of property under a will when the testator has made lifetime gifts to beneficiaries named in the will. Under the doctrine, a gift that the maker of the will (the testator) gives during his lifetime to a named beneficiary of the will is treated as an advance payment of that beneficiary's inheritance. If the probate court determines that the testator intended the lifetime gift to satisfy a bequest under the will, the amount of the lifetime gift is deducted from the amount that the beneficiary would have received under the will. Application In the United States, state law determines which lifetime gifts are treated as gifts in satisfaction of a bequest. Under the Uniform Probate Code, § 2-609, a lifetime gift is treated as satisfaction of a legacy only if (i) the will provides for deduction of the gift, (ii) the testator indicated in a contemporaneous writing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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