A Remainderperson is an individual who has an interest in an estate that becomes possessory after the termination of a present possessory interest, often referring to one who holds a remainder interest, whether vested or contingent.
RES refers to the property underlying a trust, which is the subject matter that the trustee holds in fiduciary capacity for the beneficiaries.
Reversion in real estate law refers to the future interest that the grantor retains when they transfer property rights to another party but stipulate that the property will return to them upon the occurrence of a specific event or the expiration of a certain term.
A revocable beneficiary is a designated individual or entity that can receive benefits from a life insurance policy, trust, or other financial product, and whose designation can be changed or revoked by the policyholder or grantor at any time.
Revocable transfers are property transfers that can be rescinded or revoked by the transferor, resulting in the property being included in the transferor's gross estate upon death.
A revocable trust is an estate planning tool that allows the grantor to alter or cancel the trust agreement during their lifetime, providing flexibility compared to an irrevocable trust.
The right of survivorship is a legal concept in property ownership that permits the surviving co-owner(s) to automatically inherit the property upon the death of a fellow co-owner. This principle is particularly applicable to joint tenancy and tenancy by the entirety.
A secondary beneficiary is an individual or entity designated to receive assets or benefits if the primary beneficiary is unable or unwilling to do so. Often used in insurance policies, estate planning, and retirement accounts.
Settled property refers to property that is included in an interest-in-possession trust, where beneficiaries have the right to benefit from the property during their lifetime.
A set of statutory provisions under which income arising from property that has been gifted is taxed as if it were income of the donor and not of the donee.
A settlor is the person in a trust relationship who creates or intentionally causes the trust to come into existence. Other terms used to designate this person include donor, trustor, and grantor.
A Single Property Ownership Trust (SPOT) is a legal fiduciary structure where a single real estate property is held within a trust, managed on behalf of the beneficiaries. This arrangement aims to maximize property value, simplify management, and offer estate planning benefits.
A trust fund created to provide financial maintenance for another while securing it with restrictions to guard against its unwise use. Spendthrift trusts are often created by parents for their children.
A specialized form of power of attorney that remains inactive until a specified event occurs, such as the incapacity or disability of the principal, at which point it becomes effective.
A Stretch IRA is an Individual Retirement Account (IRA) structured to extend the period of tax-deferred earnings beyond the lifetime of the original account holder, potentially benefiting multiple generations.
Taxable estate refers to the portion of a deceased person's estate that remains after deducting any allowable marital deductions, charitable contributions, and other adjustments from the adjusted gross estate. This amount is subject to estate taxes.
A testament, also commonly referred to as a will or last will and testament, is a legal document that indicates how a person's personal property should be distributed after their death.
Testamentary Powers of Appointment refer to the legal authority granted to an individual through a will to designate who will receive certain property or interests upon their death.
A testamentary trust is a legal entity created as a result of a will and generally takes effect upon the death of the grantor, in contrast to an inter vivos trust which is established during the grantor's lifetime.
Testate is a legal term describing a situation wherein an individual has created a valid will before passing away. This will outlines how their assets and estate should be distributed.
A testator (or testatrix) is an individual who creates a will to dictate the distribution of their property and assets after their passing. Without a will, the property passes to the heirs according to state law or reverts to the state.
A Totten Trust, also known as a payable-on-death (POD) account, is a type of trust where the assets are designated for a beneficiary, but the grantor retains control and the right to reclaim the assets. When the grantor dies, the assets pass to the beneficiary, but not until they have been included as part of the grantor's taxable estate.
A Trust Agreement, also known as a Trust Instrument, is a legal document that sets up a trust and outlines the rules that must be followed by the trustee and the beneficiaries.
A trust company is an organization, often associated with a commercial bank, that acts as a trustee, fiduciary, or agent for individuals or businesses in managing various trust-related services.
A trust fund refers to real property or personal property held in trust for the benefit of another person. The trust fund's principal or body is called the corpus.
A trust instrument is a legal document that creates a trust and stipulates its terms, trustee, beneficiaries, income, and corpus disposition.
A comprehensive guide to understanding the nature, administration, and implications of general management in trust operations.
A trustor, also known as a settlor, is an individual or entity that creates a trust by transferring assets to a trustee for the benefit of specified beneficiaries.
Undue Influence is the wrongful influence exerted by one person over another, to such an extent that it prevents the influenced individual from acting according to their free will, often leading to the nullification of legal documents like wills or the invalidation of gifts.
The practice of offering high net-worth individuals investment management, financial advice, and estate and tax-planning services as a unified professional service.
A document that dictates how a person's property is to be distributed after their death. It must meet certain legal requirements to be valid.
