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Testamentary Disposition
A testamentary disposition is any gift of any property by a testator under the terms of a will. Types Types of testamentary dispositions include: * Gift (law), assets that have been legally transferred from one person to another * Legacy, testamentary gift of personal property, traditionally of money but may be real or personal property * Life estate, Chris Prior. ''Mortgage Introducer'' 18 February 2014. Retrieved 2015-03-12 a concept used in common and statutory law to designate the ownership of land for the duration of a person's life * Demonstrative legacy, a gift of a specific sum of money with a direction that is to be paid out of a particular fund See also * |
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, rent, 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 (economics), property rights. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (or ''cooperative propert''y). Property may be jointly owned by more than one party equally or unequally, or according to simple or complex agreements; to distinguish ownership and easement from rent, there is an expectation that each party's will with regard to the property be clearly defined and unconditional ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Will (law)
A will and 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 been thought 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"), records show 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 invented by Solon. Originally ... [...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 i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Will (law)
A will and 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 been thought 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"), records show 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 invented by Solon. Originally ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Estate
In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life tenant". The person who will take over the rights upon death is said to have a "remainder" interest and is known as a "remainderman". Principles The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession. Because a life estate ceases to exist at the death of the measuring person's life, the life tenant, a temporary owner, may short-term let b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Testator
A testator () is a person who has written and executed a 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 Promised Messiah, thus committing a portion, not less than one-tenth, of his lifetime earnings and any property to a cause. * The 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 that is created in a will. * A will Will may refer to: Common meanings * Will an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Codicil (will)
A codicil is a testamentary or supplementary document similar but not necessarily identical to a will. The purpose of a codicil can differ across jurisdictions. It may serve to amend, rather than replace, a previously executed will, serve as an alternative or replacement to a will, or in some instances have no recognized distinction between it and a will. Etymology The term is derived from the Latin term meaning a 'short additional text' or a ' small writing tablet'. It is the diminutive form of codex. Origins The concept of a testamentary document as similar to but distinct from a will originated in Roman law. In the pre-classical period, a testator was required to nominate an heir in order for his will to be valid (). Failure to nominate an heir or failure to observe the proper formalities for nomination of an heir resulted in an estate divided pursuant to the rules of intestacy. However, a testator was also able to institute a ''fideicommissum'', a more flexible and less ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
