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Dictionary of Law |
living trust :: legal definitionLiving trust - n. sometimes called an inter vivos (Latin for "within one's life") trust, a trust created by a declaration of trust executed by the trustor or trustors (also called settlor or settlors) during his/her/their lifetime, as distinguished from a "testamentary trust," which is created by a will and only comes into force upon the death of the person who wrote the will. A living trust should not be confused with a "living will," which provides for medical care decisions when a person is terminally ill. While a living trust is a generic name for any trust which comes into existence during the lifetime of the person or persons creating the trust, most commonly it is a trust in which the trustor(s) or settlor(s) receive benefit(s) from the profits of the trust during their lifetimes, followed by a distribution upon the death of the last trustor (settlor) to die, or the trust continues on for the benefit of others (such as the next generation) with profits distributed to them. There are other types of living trusts including irrevocable trust, insurance trust, charitable remainder trust and some special- ized trusts to manage some parts of the assets of a person or persons. See also: beach bum trust provision beneficiary inter vivos living will settlor spendthrift clause trust trustee trustor and Related Law Terms ↓ Related Law Termsadministrator :: n. the person appointed by the court to handle the ... e also: administer executor probateadvancement :: n. a gift made by a person to one of his or her ch ... tate gift in contemplation of death capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange 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 against an estate :: n. upon the death of a person and beginning of pro ... ade to the heirs. See also: probate contempt of court :: n. there are essentially two types of contempt: a) ... roduce evidence. See also: sanction contractor :: n. 1) a person or entity that enters into a contra ... actor mechanic's lien subcontractor copyright :: 1) n. the exclusive right of the author or creator ... plagiarism public domain trademark corporation :: n. an organization formed with state governmental ... ation public corporation securities declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance descent :: n. the rules of inheritance established by law in ... on inheritance intestate succession disfigure :: v. to cause permanent change in a person's body, p ... . See also: damages general damages 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. fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust fiduciary relationship :: n. where one person places complete confidence in ... handling. See also: fiduciary trust general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership generation skipping :: adj., adv. referring to gifts made through trusts ... to a grandchild without a gift tax. gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax guardian :: n. a person who has been appointed by a judge to t ... torship. See also: conservator ward head of household :: n. 1) in federal income tax law, the person filing ... n or daughter. 3) "head of family." heir :: n. one who acquires property upon the death of ano ... y pretermitted heir succession will in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will inter vivos :: (in-tur veye-vohs) adj. Latin for "among the livin ... e will. See also: inter vivos trust inter vivos trust :: n. a trust created by a writing (declaration of tr ... nter vivos testamentary trust trust invitee :: n. a person who comes onto another's property, pre ... ail employees. See also: negligence lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will lawsuit :: n. a common term for a legal action by one person ... See also: case cause of action suit libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property. limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership living will :: n. also called "a durable power of attorney," it i ... upport. See also: power of attorney marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution. mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed murder :: n. the killing of a human being by a sane person, ... premeditation second degree murder non-profit corporation :: n. an organization incorporated under state laws a ... harity corporation cy pres doctrine notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice partner :: n. 1) one of the co-owners and investors in a "par ... ner limited partnership partnership partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner 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 promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury receiver :: n. 1) a neutral person (often a professional trust ... owing they were obtained illegally. representative :: 1) n. an agent. 2) n. in probate law, a generic te ... of the conditions at the job site." resulting trust :: n. a trust implied by law (as determined by a cour ... See also: constructive trust trust settlor :: n. the person who creates a trust by a written tru ... the trust. See also: trust trustor special appearance :: n. the representation by an attorney of a person i ... anged. See also: general appearance statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll testamentary trust :: n. a trust created by the terms of a will. Example ... vivos trust living trust trust will title :: n. 1) ownership of real property or personal prope ... ink slip real property title search trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor trustee :: n. a person or entity who holds the assets (corpus ... es. See also: settlor trust trustor trustor :: n. the creator of a trust (who normally places the ... ern states. See also: settlor trust 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 - Llabor and materials :: (time and materials) n. what some builders or repa ... track of actual labor hours worked.laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.). land :: n. real property, real estate (and all that grows ... See also: real estate real property landlady :: n. female of landlord or owner of real property fr ... rents or leases. See also: landlord landlocked :: adj. referring to a parcel of real property which ... which it was created (carved out). landlord :: n. a person who owns real property and rents or le ... so: lease lessee lessor rent tenant landlord and tenant :: n. the name for the area of law concerning renting ... ord lease lessee lessor rent tenant landlord's lien :: n. the right of a landlord to sell abandoned perso ... to the ex-tenant and a public sale. lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will larceny :: n. the crime of taking the goods of another person ... : grand larceny petty larceny theft last antecedent rule :: n. a doctrine of interpretation (construction) of ... o trucks and not boats or tractors. last clear chance :: n. a rule of law in determining responsibility for ... contributory negligence negligence last will and testament :: n. a fancy and redundant way of saying "will." Law ... writing another one. See also: will latent defect :: n. a hidden flaw, weakness or imperfection in an a ... warranty product liability warranty lateral support :: n. the right of a land- owner to assurance that hi ... support problems are less dramatic. law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute law and motion calendar :: n. a court calendar in which only motions and spec ... special legal arguments are heard. law book :: n. any of numerous volumes dealing with law, inclu ... : common law law Shepardize statute law of admiralty :: n. statutes, customs and treaties dealing with act ... w. See also: Jones Act maritime law law of the case :: n. once a judge has decided a legal question durin ... he ruling is the "law of the case." |