|
Testamentary Trust
A testamentary trust (sometimes referred to as a will trust or trust under will) is a trust which arises upon the death of the testator, and which is specified in their will. A will may contain more than one testamentary trust, and may address all or any portion of the estate. A testamentary trust is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. Testamentary trusts are distinguished from ''inter vivos'' trusts, which are created during the settlor's lifetime. There are four parties involved in a testamentary trust: *The person who specifies that the trust be created, usually as a part of their will, but it may be set up in abeyance during the person's lifetime. This person may be called the ''grantor'' or ''trustor'', but is usually referred to as the ''settlor''. *The ''trustee'', whose duty is to carry out the terms of the will. They may be named in the will, or may be appointed by the probate court that handles the will. *Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Law
A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law, the party who entrusts the property is known as the "settlor", the party to whom it is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property is known as the "corpus" or "trust property". A ''testamentary trust'' is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Void (law)
In law, void means of no legal effect. An action, document, or transaction which is void is of no legal effect whatsoever: an absolute nullity—the law treats it as if it had never existed or happened. The term void ''ab initio'', which means "to be treated as invalid from the outset", comes from adding the Latin phrase ''ab initio'' (from the beginning) as a qualifier. For example, in many jurisdictions where a person signs a contract under duress, that contract is treated as being void ''ab initio''. The frequent combination "null and void" is a legal doublet. The term is frequently used in contradistinction to the term "voidable" and " unenforceable". Definitions '' Black's Law Dictionary'' defines 'void' as " ll; ineffectual; nugatory; having no legal force or binding effect...." In the case of a contract, this means there is no legal obligation, therefore there can be no breach of contract since the contract is null, but there may be an implied contract A quasi-contr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Terminology
Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a science and as the art of justice. State-enforced laws can be made by a legislature, resulting in statutes; by the executive through decrees and regulations; or by judges' decisions, which form precedent in common law jurisdictions. An autocrat may exercise those functions within their realm. The creation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and also serves as a mediator of relations between people. Legal systems vary between jurisdictions, with their differences analysed in comparative law. In civil law jurisdictions, a legislature or other central body codifies and consolidates the law. In common law systems, judges ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity (law)
In the field of jurisprudence, equity is the particular body of law, developed in the English Court of Chancery, with the general purpose of providing legal remedies for cases wherein the common law is inflexible and cannot fairly resolve the disputed legal matter. Conceptually, equity was part of the historical origins of the system of common law of England, yet is a field of law separate from common law, because equity has its own unique rules and principles, and was administered by courts of equity. Equity exists in domestic law, both in civil law and in common law systems, as well as in international law. The tradition of equity begins in antiquity with the writings of Aristotle (''epieikeia'') and with Roman law ('' aequitas''). Later, in civil law systems, equity was integrated in the legal rules, while in common law systems it became an independent body of law. Equity in common law jurisdictions (general) In jurisdictions following the English common law syste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wills And Trusts
Wills may refer to: * Will (law), a legal document Places Australia * Wills, Queensland, a locality in the Shire of Boulia * Division of Wills, an Australian electoral division in Victoria United States * Wills Township, LaPorte County, Indiana * Wills Township, Guernsey County, Ohio * Wills, Wisconsin, an unincorporated community * Wills Creek (Ohio), a tributary of the Muskingum River * Wills Creek (North Branch Potomac River), in Pennsylvania and Maryland People * Wills (surname), a surname * William, Prince of Wales William, Prince of Wales (William Arthur Philip Louis; born 21 June 1982), is the heir apparent to the British throne. He is the elder son of King Charles III and Diana, Princess of Wales. William was born during the reign of his pat ... (born 1982), nicknamed "Wills" Other uses * Wills baronets, of Northmoor, a former title in the Peerage of the United Kingdom - see Baron Dulverton * Wills Hall, a student residence of the University of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Misfeasance
Misfeasance, nonfeasance, and malfeasance are types of failure to discharge public obligations existing by common law, custom, or statute. The Carta de Logu caused Eleanor of Arborea to be remembered as one of the first lawmakers to set up the crime of misfeasance. Definition and relevant rules of law When a contract creates a duty that does not exist at common law, there are three things the parties can do wrong: * Nonfeasance is the failure to act where action is required—willfully or in neglect. Nonfeasance is similar to omission. * Misfeasance is the willful inappropriate action or intentional incorrect action or advice. * Malfeasance is the willful and intentional action that injures a party. For example, if a company hires a catering company to provide drinks and food for a retirement party, and the catering company fails to show up, it is considered nonfeasance. If the catering company shows up but provides only the drinks (but not the food, which was also paid fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probate
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death. The granting of probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person's property under a will. A probate court decides the legal validity of a testator's (deceased person's) will and grants its approval, also known as granting probate, to the executor. The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary. A probate also officially appoints the executor (or personal representative), generally named in the will, as having legal power to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minor (law)
In law, a minor is someone under a certain age, usually the age of majority, which demarcates an underage individual from legal adulthood. The age of majority depends upon Jurisdiction (area), jurisdiction and application, but it is commonly 18. ''Minor'' may also be used in contexts that are unconnected to the overall age of majority. For example, the smoking age, smoking and legal drinking age, drinking age in the United States is 21, and younger people below this age are sometimes called ''minors'' in the context of tobacco and alcohol law, even if they are at least 18. The terms underage or ''minor'' often refer to those under the age of majority, but may also refer to a person under other legal age limits, such as the age of consent, marriageable age, driving age, voting age, Legal working age, working age, etc. Such age limits are often different from the age of majority. The concept of ''minor'' is not sharply defined in most jurisdictions. The age of criminal responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Diplock
''Re Diplock'' or ''Chichester Diocesan Fund and Board of Finance Inc v Simpson'' 944AC 341 is an English trusts law and unjust enrichment case, concerning tracing and an action for money had and received. Facts Various charities, including the Royal Sailors Orphans Girls’ School and Home and Dr Barnardo’s Homes had wrongly been paid money by personal representatives under Mr Caleb Diplock’s will, which left £263,000. The representatives mistakenly believed a clause in the will was valid. Some money went to be used to improve and repair other property. But the trust was held to be invalid in a decision of the House of Lords, called '' Chichester Diocesan Fund and Board of Finance Incorporated v Simpson''. The next of kin, including Cornelius Simpson, claimed that the money should be repaid by the recipients. Judgment Court of Appeal The Court of Appeal rejected the claimant’s claim for a charge over newly built buildings. It allowed a claim for equitable tracing in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Residuary Estate
A residuary estate, in the law of wills, is any portion of the testator's estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. It is also known as a residual estate or simply residue. The will may identify the taker of the residuary estate through a ''residuary clause'' or ''residuary bequest''. The person identified in such a clause is called the ''residuary taker'', ''residuary beneficiary'', ''residuary legatee'', or ''residuary devisee''.HM Revenue and CustomsTSEM11000 - Glossary ''Trusts, Settlements and Estates Manual'', updated on 27 November 2024, accessed on 12 January 2025 Such a clause may state that, in the event that all other heirs predecease the testator, the estate would pass to a charity (that would, presumably, have remained in existence). If no such clause is present, however, the residuary estate will pass to the testator's heirs by intestacy. At common law Common law (also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Testator
A testator () is a person who has written and executed a last will and testament that is in effect at the time of their death. It is any "person who makes a will."Gordon Brown, ''Administration of Wills, Trusts, and Estates'', 3d ed. (2003), p. 556. . Related terms * A female testator is sometimes referred to as a testatrix (), plural testatrices (), particularly in older cases. *In Ahmadiyya Islam, a testator is referred to as a moosi, who is someone that has signed up for Wasiyyat or a will, under the plan initiated by the Promised Messiah, thus committing a portion, not less than one-tenth, of his lifetime earnings and any property to a cause. * The adjectival form of the word is testamentary, as in: # Testamentary capacity, or mental capacity or ability to execute a will and # Testamentary disposition, or gift made in a will (see that article for types). # Testamentary trust, a trust that is created in a will. * A will Will may refer to: Common meanings * Will an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
