|
|
|
|
Dictionary of Law |
in kind :: legal definitionIn 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 Termsabstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lienaccretion :: 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 Searcheslegal 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 - Ii.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 |