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Bequest
A bequest is property given by will. Historically, the term ''bequest'' was used for personal property given by will and ''deviser'' for real property. Today, the two words are used interchangeably. The word ''bequeath'' is a verb form for the act of making a bequest. Etymology Bequest comes from Old English ''becwethan'', "to declare or express in words" — cf. "quoth". Interpretations Part of the process of probate involves interpreting the instructions in a will. Some wordings that define the scope of a bequest have specific interpretations. "All the estate I own" would involve all of the decedent's possessions at the moment of death. A ''conditional bequest'' is a bequest that will be granted only if a particular event has occurred by the time of its operation. For example, a testator might write in the will that "Mary will receive the house held in trust if she is married" or "if she has children," etc. An ''executory bequest'' is a bequest that will be granted only if ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bequest Motive
{{Short description, Justification for leaving money to others A bequest motive seeks to provide an economic justification for the phenomenon of intergenerational transfers of wealth. In other words, to explain why people leave money behind when they die. Which bequest motive theory most realistically represents the intentions of estate planners is unclear. Attempts to test the theories empirically are mired by poor availability of data about wealth holdings. *The most common explanation for this is altruism, in which it is held that the disponer gains some form of satisfaction from knowing that his/her heirs will enjoy their inherited wealth. An example might be a parent leaving a child the family home. *Another common explanation is accidental bequest, developed by economists Yaari (1965) and Davies (1980). Here it is not assumed that the disponer (testator) gains any specific benefit from leaving a bequest, but rather that lifetime is uncertain, and so she/he holds precautionar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Will And Testament
A will or testament is a legal document that expresses a person's (testator) wishes as to how their property ( estate) is to be distributed after their death and as to which person ( executor) is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy. Though it has at times been thought that a "will" historically applied only to real property while "testament" applied only to personal property (thus giving rise to the popular title of the document as "last will and testament"), the historical records show that the terms have been used interchangeably. Thus, the word "will" validly applies to both personal and real property. A will may also create a testamentary trust that is effective only after the death of the testator. History Throughout most of the world, the disposition of a dead person's estate has been a matter of social custom. According to Plutarch, the written will was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC). It is organized topically, into subtitles and sections, covering income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not separately organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, eff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mujtahid
''Ijtihad'' ( ; ar, اجتهاد ', ; lit. physical or mental ''effort'') is an Islamic legal term referring to independent reasoning by an expert in Islamic law, or the thorough exertion of a jurist's mental faculty in finding a solution to a legal question. It is contrasted with ''taqlid'' (imitation, conformity to legal precedent). According to classical Sunni theory, ''ijtihad'' requires expertise in the Arabic language, theology, revealed texts, and principles of jurisprudence (''usul al-fiqh''), and is not employed where authentic and authoritative texts (Qur'an and Hadith) are considered unambiguous with regard to the question, or where there is an existing scholarly consensus (''ijma''). ''Ijtihad'' is considered to be a religious duty for those qualified to perform it. An Islamic scholar who is qualified to perform ''ijtihad'' is called as a "'' mujtahid''". Throughout the first five Islamic centuries, the practice of ''ijtihad'' continued both theoretically and practical ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karbala
Karbala or Kerbala ( ar, كَرْبَلَاء, Karbalāʾ , , also ;) is a city in central Iraq, located about southwest of Baghdad, and a few miles east of Lake Milh, also known as Razzaza Lake. Karbala is the capital of Karbala Governorate, and has an estimated population of 1,218,732 people (2018). The city, best known as the location of the Battle of Karbala in 680 AD, or for the shrines of Husayn ibn Ali and Abbas ibn Ali,Shimoni & Levine, 1974, p. 160.Aghaie, 2004, pp. 10–11. is considered a holy city for Shia Muslims, in the same way as Mecca, Medina and Jerusalem. Tens of millions of Shi'ite Muslims visit the site twice a year, rivaling Mecca and Mashhad by the number of pilgrims annually. The martyrdom of Husayn ibn Ali is commemorated annually by millions of Shi'ites. Up to 8 million pilgrims visit the city to observe '' ʿĀshūrāʾ'' (the tenth day of the month of Muharram), which marks the anniversary of Husayn's death, but the main event is the '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Najaf
Najaf ( ar, ٱلنَّجَف) or An-Najaf al-Ashraf ( ar, ٱلنَّجَف ٱلْأَشْرَف), also known as Baniqia ( ar, بَانِيقِيَا), is a city in central Iraq about 160 km (100 mi) south of Baghdad. Its estimated population in 2013 was 1,000,000 people. It is the capital of Najaf Governorate. It is widely considered amongst the holiest cities of Shia Islam and one of its spiritual capitals, whilst also remaining the center of Shia political power in Iraq. Name According to Ibn al-Manzur, the word, "najaf" (), literally means a high and rectangular place around which water is accumulated, although the water does not go above its level. Al-Shaykh al-Saduq appeals to a hadith from Imam al-Sadiq (a), claiming that "Najaf" comes from the phrase, "nay jaff" which means "the nay sea has dried" which gradually changed into "Najaf". "Najaf" is usually accompanied with the adjective, "al-Ashraf" (dignified). According to the author of ''al-Hawza al-'ilmiyya f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shia
Shīʿa Islam or Shīʿīsm is the second-largest Islamic schools and branches, branch of Islam. It holds that the Prophets and messengers in Islam, Islamic prophet Muhammad in Islam, Muhammad designated Ali, ʿAlī ibn Abī Ṭālib as his Succession to Muhammad, successor (''khalīfa'') and the Imamah (Shia doctrine), Imam (spiritual and political leader) after him, most notably at the event of Ghadir Khumm, but was prevented from succeeding Muhammad as the leader of the Muslims as a result of the choice made by some of Companions of the Prophet, Muhammad's other companions (''ṣaḥāba'') at Saqifah. This view primarily contrasts with that of Sunni Islam, Sunnī Islam, whose adherents believe that Muhammad did not appoint a successor before Death of Muhammad, his death and consider Abu Bakr, Abū Bakr, who was appointed caliph by a group of senior Muslims at Saqifah, to be the first Rashidun, rightful (''rāshidūn'') caliph after Muhammad. Adherents of Shīʿa Islam are c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oudh
The Oudh State (, also Kingdom of Awadh, Kingdom of Oudh, or Awadh State) was a princely state in the Awadh region of North India until its annexation by the British in 1856. The name Oudh, now obsolete, was once the anglicized name of the state, also written historically as Oudhe. As the Mughal Empire declined and decentralized, local governors in Oudh began asserting greater autonomy, and eventually Oudh matured into an independent polity governing the fertile lands of the Central and Lower Doab. With the British East India Company entering Bengal and decisively defeating Oudh at the Battle of Buxar in 1764, Oudh fell into the British orbit. The capital of Oudh was in Faizabad, but the Company’s Political Agents, officially known as "Residents", had their seat in Lucknow. At par existed a Maratha embassy, in the Oudh court, led by the Vakil of the Peshwa, until the Second Anglo-Maratha War. The Nawab of Oudh, one of the richest princes, paid for and erected a Resi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Princely States
A princely state (also called native state or Indian state) was a nominally sovereign entity of the British Indian Empire that was not directly governed by the British, but rather by an Indian ruler under a form of indirect rule, subject to a subsidiary alliance and the suzerainty or paramountcy of the British crown. There were officially 565 princely states when India and Pakistan became independent in 1947, but the great majority had contracted with the viceroy to provide public services and tax collection. Only 21 had actual state governments, and only four were large (Hyderabad State, Mysore State, Jammu and Kashmir State, and Baroda State). They acceded to one of the two new independent nations between 1947 and 1949. All the princes were eventually pensioned off. At the time of the British withdrawal, 565 princely states were officially recognised in the Indian subcontinent, apart from thousands of zamindari estates and jagirs. In 1947, princely states covered 40% of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rupee
Rupee is the common name for the currencies of India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, Burma, German East Africa (as Rupie/Rupien), and Tibet. In Indonesia and the Maldives, the unit of currency is known as ''rupiah'' and ''rufiyaa'' respectively, cognates of the word rupee. The Indian rupees () and Pakistani rupees () are subdivided into one hundred paise (singular ''paisa'') or pice. The Nepalese rupee (रू) subdivides into one hundred paisa (singular and plural) or four sukaas. The Mauritian, Seychellois, and Sri Lankan rupees subdivide into 100 cents. Etymology The Hindustani word ''rupyā'' is derived from the Sanskrit word ''rūpya'' (), which means "wrought silver, a coin of silver", in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property). Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally. However, there is an expectation that each party's will (rather discretion) with rega ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Waqf
A waqf ( ar, وَقْف; ), also known as hubous () or '' mortmain'' property is an inalienable charitable endowment under Islamic law. It typically involves donating a building, plot of land or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets. A charitable trust may hold the donated assets. The person making such dedication is known as a ''waqif'' (a donor). In Ottoman Turkish law, and later under the British Mandate of Palestine, a ''waqf'' was defined as usufruct state land (or property) from which the state revenues are assured to pious foundations. Although the ''waqf'' system depended on several hadiths and presented elements similar to practices from pre-Islamic cultures, it seems that the specific full-fledged Islamic legal form of endowment called ''waqf'' dates from the 9th century AD (see below). Terminology In Sunni jurisprudence, ''waqf'', also spelled ''wakf'' ( ar, وَقْف; plural , ''awqāf''; tr, vak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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