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Satisfaction Of Legacies
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, ยง 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 writin ... [...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] |
Will (law)
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] |
Testator
A testator () is a person who has written and executed a Will (law), last will and testament that is in effect at the time of their death. It is any "person who makes a will."Gordon Brown, ''Administration of Wills, Trusts, and Estates'', 3d ed. (2003), p. 556. . Related terms * A female testator is sometimes referred to as a testatrix (), plural testatrices (), particularly in older cases. *In Ahmadiyya Islam, a testator is referred to as a moosi, who is someone that has signed up for Wasiyyat or a will, under the plan initiated by the Mirza Ghulam Ahmad, Promised Messiah, thus committing a portion, not less than one-tenth, of his lifetime earnings and any property to a cause. * The adjective, adjectival form of the word is testamentary, as in: # Testamentary capacity, or mental capacity or ability to execute a will and # Testamentary disposition, or gift made in a will (see that article for types). # Testamentary trust, a trust (law), trust that is created in a will. * A will (la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probate
Probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased, or whereby the estate is settled according to the laws of intestacy in the state of residence of the deceased at time of death in the absence of a legal will. The granting of probate is the first step in the legal process of administering the estate (law), estate of a deceased person, resolving all claims and distributing the deceased person's property under a will. A probate court decides the legal validity of a testator's (deceased person's) will and grants its approval, also known as granting probate, to the executor. The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary. A probate also officially appoints the executor (or personal representative), generally named in the will, as having legal power to dispose of the testator's assets in the manner sp ... [...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] |
Real Estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011 In terms of law, ''real'' is in relation to land property and is different from personal property while ''estate'' means the "interest" a person has in that land property. Real estate is different from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, tools and the rolling stock of a farm. In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state. History of real estate The natural right of a person t ... [...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] |
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] |
Intestate
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] |
Wills And Trusts
Wills may refer to: * Will (law), a legal document Places Australia * Wills, Queensland, a locality in the Shire of Boulia * Division of Wills, an Australian electoral division in Victoria United States * Wills Township, LaPorte County, Indiana * Wills Township, Guernsey County, Ohio * Wills, Wisconsin, an unincorporated community * Wills Creek (Ohio), a tributary of the Muskingum River * Wills Creek (North Branch Potomac River), in Pennsylvania and Maryland People * Wills (surname), a surname * William, Prince of Wales (born 1982), nicknamed "Wills" Other uses * Wills baronets, of Northmoor, a former title in the Peerage of the United Kingdom - see Baron Dulverton * Wills Hall, a student residence of the University of Bristol * Wills Navy Cut or simply Wills, a popular cigarette brand in India See also * Will (other) Will may refer to: Common meanings * Will and testament, instructions for the disposition of one's property after death * Will (philosophy), or willpo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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