A beneficiary is a person or entity who is designated to receive benefits or assets from trusts, wills, insurance policies, or other financial instruments.
In legal and business contexts, 'elect' means to choose or decide upon a course of action. This may involve selecting options within contracts, wills, business decision-making, or procedural steps in various transactions.
Estate planning involves the orderly handling, disposition, and administration of an estate when the owner dies, including drawing up wills, setting up trusts, and minimizing taxes.
Estate planning distribution involves the management and allocation of a person's assets during their lifetime and after their death, ensuring a systematic transfer of property to beneficiaries.
Abbreviation of 'et uxor', a Latin term meaning 'and wife', commonly used in historical legal documents such as wills and deeds.
The term 'heirs and assigns' is often found in deeds and wills and is used to grant a fee simple estate, indicating that the property being transferred is granted to the heirs and designated assigns of the recipient.
A person who dies without having made a will. The estate, in these circumstances, is divided according to the rules of intestacy. The division depends on the personal circumstances of the deceased.
A legal form is a structured model of a legal document that contains the necessary phrases and words of art required to ensure the document is procedurally correct in accordance with legal standards. The meticulous arrangement of such forms serves as a template for drafting legally binding documents such as contracts, wills, or pleadings, ensuring their compliance with specific legal requirements and formalities.
Powers of appointment refer to the authority granted to an individual, referred to as the donee or appointee, to designate the distribution of certain property or assets, either held in a trust or as part of an estate. This power can affect estate planning significantly.
A remainderman is the beneficiary entitled to the remainder or residue of an estate once expenses, specific legacies, and inheritance taxes have been satisfied. This term often comes into play in the context of trusts and will estates, designating who receives property after the preceding estate benefits or interest.
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.
