An administrator is a person appointed by a court to administer the estate of a deceased person who left no will, ensuring the orderly distribution of the estate's assets according to state intestacy laws.
An Administrator’s Deed is a legal document used to transfer property of an individual who died intestate, meaning without a will. The deed is executed by an estate administrator appointed by the court.
An appraisal is a professional opinion or estimate of the value of a property, which is conducted by a trained and certified appraiser.
An attorney-in-fact is an individual authorized to act on behalf of another person under a power of attorney, which can be either general or limited in scope.
Bequeath refers to the act of leaving personal property to beneficiaries through a will. Unlike 'devise,' which typically refers to the transfer of real property, 'bequeath' is used exclusively for personal property.
A bequest is the act of giving personal property or financial assets to an individual or organization through the provisions of a will.
A buy-sell agreement is a legally binding pact among partners or stockholders under which some agree to buy the interests of others upon a triggering event, such as death, disability, or retirement.
Curtesy is a legal term referring to the right of a husband to all or part of his deceased wife's real estate, regardless of the provisions in her will. This right traditionally exists to ensure the husband's financial stability after his wife's death.
A written statement by a trustee acknowledging that the property is held for the benefit of another party.
Descent refers to the acquisition of property by an heir when the deceased leaves no will.
A gift of real estate property bequeathed through a will or last testament, often compared with the term 'bequeath,' which generally refers to the gifting of personal property.
A devisee is an individual or entity designated in a will to receive real estate property from the estate of a deceased person. They inherit the property as specified by the terms outlined in the will.
In real estate, a donee is the recipient of a gift. This term is commonly used to describe someone who receives property or other assets without providing any compensation in return.
Dower under common law refers to the legal right of a wife or child to part of a deceased husband's or father's property. This right ensures that the surviving spouse or child can claim a portion of the deceased individual's estate, regardless of the arrangements in the will.
An estate encompasses the degree, nature, and extent of interest that a person has in real property as well as all their property, real or personal, that they own and leave at death.
An Estate for Life is a property interest that terminates upon the death of a specified individual. This estate type grants usage rights to the beneficiary during their lifetime, while ensuring the property will revert to another designated party upon the beneficiary's death.
An estate tax is a levy on the estate of a deceased person, based on the value of the property left by the deceased. The tax is typically calculated based on the market value of the estate either at the date of death or six months afterward, taken at the lower value if applicable.
An executor is an individual named in a will to administer the estate of the deceased according to the terms stipulated in the will. The executor ensures that the estate is distributed to the beneficiaries as per the decedent's wishes.
An Executrix is a woman appointed by a will or a legal document to execute the last wishes and directives of the deceased, handling the distribution of the estate and ensuring all legal and financial responsibilities are met.
A Family Limited Partnership (FLP) is a limited partnership whose interests are owned by members of the same family. This structure can help reduce gift and estate taxes but comes with restrictions on ownership and transferability, unlike other ownership forms.
A property right or estate that is anticipated to be enjoyed at a later time.
A legal document transferring real estate from one party to another as a gift, with no monetary consideration involved.
An heir is an individual legally entitled to inherit some or all of the estate of another person who has died, either by the terms of a will or by the rules of inheritance if no valid will exists.
Inheritance tax, a type of tax imposed on those who inherit property from a decedent, is based on the property's value. Unlike estate tax, which is based on the total value of the deceased's estate, the inheritance tax is levied on the shares received by individual heirs.
Inter vivos is a legal term referring to a transfer or gift made during a person's lifetime, as opposed to one made as part of a will or posthumously. This type of transaction is typically irrevocable.
An Inter Vivos Trust is a legal entity created during an individual’s lifetime to manage and protect assets for the benefit of the trust’s beneficiaries. It is also known as a living trust.
The term 'intestate' describes the condition of a person who dies without having made a valid will. In such scenarios, the deceased's estate is distributed according to state laws rather than the deceased's wishes.
Joint ownership refers to a property ownership structure where two or more individuals hold title to a property collectively. This structure can have various legal implications, depending on how the ownership is defined and agreed upon among the parties.
A legatee is an individual or entity that receives property or assets from a will upon the death of the testator.
A Life Estate is a type of freehold interest in real property that lasts for the lifetime of an individual. Upon their death, the property either reverts to the original owner or passes to a remainderman.
A life tenant is an individual who holds the right to use, occupy, and control a property for the duration of their own life or the lifetime of another specified individual.
The tax-free amount transferred to one’s spouse upon death, allowing unlimited transfers without federal estate tax.
'Per Stirpes' is a legal method of distributing an estate where the descendants of a deceased legatee inherit their ancestor's share.
Probate is the judicial process through which a will is validated and executed to ensure the legal transfer of the deceased's estate to the rightful beneficiaries.
Pur Autre Vie refers to a life estate in property held by one person (the grantee), but measured by the life of another person (the cestui que vie). This property interest is often used in specific legal, financial, and estate planning contexts.
In real estate, a remainder refers to the portion of an estate that takes effect after the termination of a prior estate, such as a life estate. It can also denote the part of a property retained by the owner after a partial acquisition by the government through eminent domain.
A Remainderman is the individual who is designated to inherit or receive possession of a property after the termination of the preceding estate, typically after the death of a life tenant.
Reversionary Interest is the interest a person retains in property after the termination of the preceding estate. Typically, it applies when the original owner grants an estate but retains a future interest.
The Right of Survivorship is a legal provision whereby property co-owners hold the right to automatically inherit the interest of a deceased co-owner. This provision is prominently featured in Joint Tenancy and Tenancy by the Entirety arrangements, facilitating smoother transfer of property ownership upon death without the need for probate.
A stepped-up basis is an adjustment to the tax basis of inherited property, increasing the basis to the property's fair market value at the time of the original owner's death, thus minimizing capital gains tax for the heirs.
Survivorship is the right of a joint tenant or tenants to maintain ownership rights following the death of another joint tenant, preventing heirs of the deceased from making claims against the property.
Tangible personal property refers to assets that can be seen, touched, and moved without great difficulty. This category excludes real estate and intangible assets.
Tenancy by the Entirety is a form of joint property ownership reserved strictly for married couples, ensuring equal possession and incorporating the right of survivorship. Upon the death of one spouse, full ownership seamlessly transfers to the surviving spouse, offering protection from individual creditors.
Tenancy In Common (TIC) is a form of real estate ownership by two or more parties, where each holds an undivided interest in the property without rights of survivorship.
A testament is a legal document that articulates an individual’s wishes about how their personal property should be distributed after their death. The terms 'will,' 'testament,' and 'last will and testament' are often used interchangeably.
A testamentary trust is a trust established in accordance with the instructions left in a person's will and becomes active only after the death of the testator.
Testate refers to having made a valid will before death. It contrasts with intestate, where there is no will, and the estate administration follows statutory default rules.
A testator is a person who has made a will or given a legacy. In general law, a testator is the individual who explicitly provides their desires regarding the distribution of their estate upon their death through the legal document known as a will.
A testatrix is a woman who has made a legal will to manage the distribution of her property upon death. The term comes from the Latin word 'testātrīx,' the feminine form of 'testātor,' and is specifically used to indicate that the individual is female.
A legal arrangement where property is transferred to a trustee, who manages it for the benefit of the beneficiary.
A will, also known as a testament, is a legal document that sets forth how an individual's property and affairs will be handled after their death.
