Dictionary of Law
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in kind :: legal definition


In kind - adj. referring to payment, distribution or substitution of things in lieu of money, a combination of goods and money, or money instead of an article. It is an expression often found in wills and trusts, which empowers the executor or trustee to make distribution to beneficiaries "in kind" according to his/her discretion as long as the value is equivalent to the value intended to be given to each beneficiary. This is important since it allows distribution of furniture, heirlooms, stocks and bonds, automobiles or even real property (as well as money) among the beneficiaries without selling assets to get cash. Example: Edward Doright dies with a will that leaves his estate equally to his two daughters and a son. He has a house worth $150,000, cash of $100,000, art works valued at $50,000, two cars at $10,000 each, $150,000 in stocks, and jewelry appraised at $25,000. Since the total value is $495,000, the executor can thus divide this up by giving each child things and money valued at $165,000. The one taking the house would then get a car and $5,000 cash, etc. In this way gifts can be distributed most appropriately to the needs of the recipients. The "in kind" provision may avoid the potential low value returns from estate sales and the cost of real estate commissions.

See also: distribution trust will and Related Law Terms ↓


Related Law Terms

abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien
accretion :: n. 1) in real estate, the increase of the actual l ... cted event. See also: probate trust
administrator :: n. the person appointed by the court to handle the ... e also: administer executor probate
appraise :: v. to professionally evaluate the value of propert ... surance claims. See also: appraiser
assess :: v. to set a value on property, usually for the pur ... e place upon sale of real property.
attachment :: n. the seizing of money or property prior to getti ... bond. See also: writ of attachment
attorney-in-fact :: n. someone specifically named by another through a ... cument. See also: power of attorney
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
beach bum trust provision :: n. a requirement in a trust that a beneficiary can ... live off the trust. See also: trust
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
capital stock :: n. the original amount paid by investors into a co ... price. See also: corporation stock
cestui que trust :: n. (properly pronounced ses-tee kay, but lawyers p ... ust's assets. See also: beneficiary
cestui que use :: (pronounced ses-tee kay use or setty kay use) n. a ... beneficiary cestui que trust trust
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust
claim in bankruptcy :: n. the written claim filed by persons or businesse ... : bankruptcy bankruptcy proceedings
cloud on title (cloud) :: n. an actual or apparent outstanding claim on the ... ion reconveyance title title report
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
damages :: n. the amount of money which a plaintiff (the pers ... liquidated damages special damages
deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed
deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance
devisee :: n. a person who receives a gift of real property b ... will. See also: beneficiary legatee
distribute :: v. 1) the dividing up of those assets of an estate ... and distribution probate trust will
ejusdem generis :: (eh-youse-dem generous) v adj. Latin for "of the s ... t was of land-based transportation.
escrow instructions :: n. the written instructions by buyer and seller of ... ir agents. See also: closing escrow
estate :: n. 1) all that one owns in real estate and other a ... ife estate probate real estate will
estate tax :: n. generally a federal tax on the transfer of a de ... commonly called an inheritance tax.
executor :: n. the person appointed to administer the estate o ... sed decedent executrix probate will
fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability
in propria persona :: adj. from Latin "for one's self," acting on one's ... client and an ass for an attorney."
in terrorem clause :: (in tehr-roar-em)n. from Latin for "in fear," a pr ... e gift. See also: will will contest
in toto :: (in toe-toe)adj. Latin for "completely" or "in tot ... r "the case was dismissed in toto."
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
issue :: 1) n. a person's children or other lineal descenda ... the body incorporation share stock
judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage
jurisdiction :: n. the authority given by law to a court to try ca ... Superior Court Supreme Court venue
land :: n. real property, real estate (and all that grows ... See also: real estate real property
lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will
legatee :: n. a person or organization receiving a gift of an ... eficiary devise devisee legacy will
letters of administration :: n. a document issued by the court clerk which stat ... estate. See also: executor probate
letters testamentary :: n. a document issued by the court clerk which stat ... te. See also: administrator probate
leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging.
levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property.
lis pendens :: (lease pen-dense) n. Latin for "a suit pending," a ... ob can be penalized by court order.
living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
paid into court :: adj. referring to money deposited with the clerk o ... differences. See also: interpleader
par :: n. 1) an equal level. 2) the face value of a stock ... common stock preferred stock stock
parcel :: n. a defined piece of real estate, usually resulti ... See also: real estate real property
per stirpes :: (purr stir-peas) adj. Latin for "by roots," by rep ... descent and distribution trust will
pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will
power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction.
premises :: n. 1) in real estate, land and the improvements on ... t). See also: real estate structure
probate :: 1) n. the process of proving a will is valid and t ... e also: administrator executor will
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
property tax :: n. an annual governmental tax on real property or ... are made. See also: ad valorem tax
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion
reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust
rescue doctrine :: n. the rule of law that if a rescuer of a person h ... to the car grill. See also: damages
residue :: n. in a will, the assets of the estate of a person ... distribution residuary bequest will
satisfaction of judgment :: n. a document signed by a judgment creditor (the p ... ord. See also: abstract of judgment
spendthrift clause :: n. a provision in a trust or will that states that ... tly to Junior. See also: trust will
trade fixture :: n. a piece of equipment on or attached to the real ... uch damage. See also: fixture trade
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor
watered stock :: n. shares of stock of a corporation which have bee ... . See also: corporation share stock
will :: n. a written document which leaves the estate of t ... will and testament probate testator

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - I

i.e. :: prep. abbreviation for id est, which is Latin for ... "e.g.," which means "for example."
illegal :: 1) adj. in violation of statute, regulation or ord ... . See also: alien illegal immigrant
illegal immigrant :: n. an alien (non-citizen) who has entered the Unit ... ion date of a visa. See also: alien
illusory promise :: n. an agreement to do something that is so indefin ... he may have thought was a contract.
immaterial :: adj. a commonly heard objection to introducing evi ... ons. See also: irrelevant objection
immediately :: adv. 1) at once. 2) in orders of the court or in c ... oon as can be done" without excuse.
immunity :: n. exemption from penalties, payments or legal req ... ws. See also: governmental immunity
impanel :: v. to select and install a jury. See also: impanel ... l a jury. See also: impaneling jury
impaneling :: n. the act of selecting a jury from the list of po ... e juror jury panel venire voir dire
impeach :: v. 1) to discredit the testimony of a witness by p ... ve been found guilty by the Senate.
impeachment :: n. 1) discrediting a witness by showing that he/sh ... the trial itself. See also: impeach
impleader :: n. a procedural device before trial in which a par ... than having two suits in a series.
implied :: adj., adv. referring to circumstances, conduct or ... nt implied consent implied warranty
implied consent :: n. consent when surrounding circumstances exist wh ... aybe" or "later." See also: implied
implied contract :: n. an agreement which is found to exist based on t ... : contract express contract implied
implied covenant of good faith and fair dealing :: n. a general assumption of the law of contracts, t ... -long employment. See also: implied
implied warranty :: n. an assumption at law that products are "merchan ... er. See also: caveat emptor implied
impossibility :: n. when an act cannot be performed due to nature, ... cel) a contract. See also: contract
impotence :: n. the male's inability to copulate. Impotence can ... eans inability to produce children.
impound :: v. 1) to collect funds, in addition to installment ... cases. See also: forfeit forfeiture