An estate planning vehicle established for the benefit of a young person, becoming absolutely entitled to the trust property on or before their 25th birthday, with specific inheritance tax implications.
Advancement refers to a payment made by a parent to a child during the parent's lifetime, intended to go towards what the child would receive as a beneficiary or heir upon the parent's death.
The act of passing on personal property through a last will and testament.
A bequest is a gift made through a will, which dictates the transfer of property or assets from a deceased individual to beneficiaries.
A codicil is a supplement to a will intended to add to, subtract from, or alter the provisions of the original will.
A deed by which the beneficiary under a will or an intestacy redirects the gift to some other person (who may or may not be a beneficiary of the estate). Provided this is done within two years of the deceased's death and statutory requirements are complied with, the redirection is not treated as a gift for inheritance tax or capital gains tax purposes.
A devise is a testamentary gift of real property made by a will. In modern usage, the term may also refer to gifts of personal property made through a will.
An Executor (male) or Executrix (female) is a person designated to carry out the wishes expressed in a Will regarding the administration of an Estate and the distribution of the assets.
Inherit the estate by statutory law if the ancestor dies without a will (intestate). In a broader sense, those who inherit by will, deed, or operation of law.
Inheritance refers to the process of acquiring property, assets, or obligations from an individual who passed away, often via a will or through legal operation.
Inheritance refers to real or personal property that is received by heirs. It generally includes property passed by will, and while the estate itself may be subject to federal estate tax, the recipient typically does not owe federal income tax on the inheritance.
The term 'legacy' refers to the disposition of personal property by will. This is a legal term often used in estate planning to describe a person’s wishes for distributing their tangible and intangible valuables after their death.
A legatee is an individual or entity that receives property or assets through the terms stipulated in a last will and testament.
Circumstances that arise if a will covers only part of the estate of the deceased, leading to a mix of estate distribution based on the will and the rules of intestacy.
A pecuniary bequest is a specific sum of money given to an heir as stated in a decedent's will.
Probate is the legal process by which a will is proved valid or invalid, encompassing all procedures necessary to authenticate the document and administer the estate of the deceased.
A probate estate includes all property that passes under a will or by state intestate succession laws from a decedent to their heirs or other beneficiaries. It is distinct from the gross estate.
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.
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.
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.
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.
