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Estate planning is the process of accumulating and disposing of an estate to maximize the goals of the estate owner. The various goals of estate planning include making sure the greatest amount of the estate passes to the estate owner's intended beneficiaries, often including paying the least amount of taxes and avoiding or minimizing probate court involvement. Additional goals typically include providing for and designating guardians for minor children and planning for incapacity. Image File history File links Scale_of_justice. ...
Law (from the late Old English lagu of probable North Germanic origin) in politics and jurisprudence, is a set of rules or norms of conduct which mandate, proscribe or permit specified relationships among people and organizations, intended to provide methods for ensuring the impartial treatment of such people, and provide...
In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ...
The law of trusts and estates is generally considered the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation and the event of such persons incapacity or death, also known as the law of successions in civil law. ...
This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ...
Intestacy is the condition of the estate of a person who dies owning property greater than the sum of his or her enforceable debts and funeral expenses without having made a valid will or other binding declaration; alternatively where such a will or declaration has been made, but only applies...
A testator is a person who has made a legally binding will or testament, which specifies what is to be done with that persons family and/or property after death. ...
Probate is the legal process of settling the estate of a deceased person; specifically, distributing the decedents property. ...
A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will. ...
Simultaneous death is a problem of inheritence which occurs when two people (usually a husband and wife) die at the same time in an accident. ...
The slayer rule, in the common law of inheritance, is a doctrine that prohibits inheritence by a person who murders someone from whom they stand to inherit. ...
Disclaimer of interest (also called a renunciation), in the law of inheritance, wills and trusts, is a term that describes an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. ...
In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ...
A holographic will is a will and testament that has been entirely handwritten and signed by the testator. ...
A will contract is a term used in the law of wills describing a contract to exchange a current performance for a future bequest. ...
A living will, also called will to live, advance health directive, or advance health care directive, is a specific type of power of attorney or health care proxy or advance directive. ...
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In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ...
A codicil for a will is a small change (much like a Postscript (P.S.)) to the will that does not require a rewrite of the document. ...
In the statutory law of wills and trusts, an attestation clause is a clause that is typically appended to a will, often just below the place of the testators signature. ...
Incorporation by reference is a doctrine of the common law of wills by which a person may state in his will that certain property is to be disposed of by a seperate document, describing the place where the document will be found. ...
A residuary estate, in the law of wills, is any portion of the testators estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. ...
Lapse and anti-lapse are complementary concepts under the law of wills, which address the disposition of property that is willed to someone who dies before the testator (the writer of the will). ...
Ademption is a term used in the law of wills to determine what happens when property bequested under a will is no longer in the testators estate when the testator dies. ...
Abatement (derived through the French abattre, from the Late Latin battere, to beat), a beating down or diminishing or doing away with; a term used especially in various legal phrases. ...
The doctrine of acts of independent significance, in the common law of wills, permits the testator to effectively change the disposition of her property without changed her will, if acts or events with relation to the property itself have some significance beyond avoiding the requirements of the will. ...
An elective share is a term used in American law relating to inheritance, which describes a proportion of an estate which the surviving spouse of the deceased may claim in place of what they were left in the decedents will. ...
A pretermitted heir is a term used in the law of property to describe a person who would likely stand to inherit under a will, except that the testator (the person who wrote the will) did not know or did not know of the party at the time the will...
A will contest, in the law of property, is a formal objection raised against the validity of a will, based on the contention that the will does not reflect the actual intent of the testator (the party who made the will). ...
In the common law tradition, testamentary capacity is the legal term of art used to describe a persons legal and mental ability to make a valid will. ...
Undue influence (as a term in jurisprudence) is an equitable doctrine that involves one person taking advantage of a position of power over another person. ...
In common law legal systems, a trust is a contractual relationship in which a person or entity (the trustee) has legal title to certain property (the trust property or trust corpus), but is bound by a fiduciary duty to exercise that legal control for the benefit of one or more...
Where property is passed to a person but no gift is made, it is held for the owner, this is the Resulting trust; where property should for some reason of public policy or fairness or rule of Equity be held for someone other than the legal owner, this is either...
An asset-protection trust is a term which covers a wide spectrum of legal structures. ...
The Protective Trust is a form of settlement found in England and Wales and several Commonwealth countries. ...
A spendthrift trust is a trust that is created for the benefit of a person who is in debt (often because they are unable to control their spending) that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit...
A charitable trust (or charity) is a trust organized to serve private or public charitable purposes. ...
An honorary trust, under the law of trusts, is a device by which a person establishes a trust for which there is neither a charitable purpose, nor a private beneficiary to enforce the trust. ...
A resulting trust is a type of implied trust created through implication of law where the actions of the parties involved and the nature of the transaction implies an intention to create a trust. ...
A constructive trust is a legal device used by courts sitting in equity to resolve claims raised by a plaintiff whose property has been converted to a profitable use by the defendant. ...
Special Needs Trusts are created to ensure that beneficiaries who are developmentally disabled or mentally ill can receive inheritances without losing access to essential government benefits. ...
Please wikify (format) this article as suggested in the Guide to layout and the Manual of Style. ...
In common law legal systems, a trust is a contractual relationship in which a person or entity (the trustee) has legal title to certain property (the trust property or trust corpus), but is bound by a fiduciary duty to exercise that legal control for the benefit of one or more...
A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his estate at the time of his death shall be placed in the trust. ...
The English cy pres doctrine (pronounced as see-pray) is a legal doctrine of the Court of equity. ...
A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ...
In the common law, a tort is a civil wrong for which the law provides a remedy. ...
Property law is the area of law that governs the various forms of ownership in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system. ...
Criminal law (also known as penal law) is the body of common law that punishes criminals for committing offences against the state. ...
The law of evidence governs the use of testimony (e. ...
Estate is a term used in the common law. ...
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. ...
A tax (also known as a dutyor Zakat in islamic economics) is a charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ...
Probate Court is a court found in some juridictions which is primarily concerned with the proper distribution of the assets of a decedent. ...
Incapacity is a term of law that refers to a persons lack of capacity to engage in certain actions to which legal consequences attach. ...
Estate planning tools
The tools involved in estate planning include the will, various types of trusts, beneficiary designations, powers of appointment, various forms of property ownership (Joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety, etc), gifting, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney which is also commonly known as a living will. In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ...
In common law legal systems, a trust is a contractual relationship in which a person or entity (the trustee) has legal title to certain property (the trust property or trust corpus), but is bound by a fiduciary duty to exercise that legal control for the benefit of one or more...
A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will. ...
A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. ...
A power of attorney or letter of attorney in common law systems or mandate in civil law systems is an authorization to act on someone elses behalf in a legal or business matter. ...
A living will, also called will to live, advance health directive, or advance health care directive, is a specific type of power of attorney or health care proxy or advance directive. ...
See also The law of trusts and estates is generally considered the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation and the event of such persons incapacity or death, also known as the law of successions in civil law. ...
A charitable trust (or charity) is a trust organized to serve private or public charitable purposes. ...
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