Accession is prominent in two legal practice areas.
Accession in trusts and estates law are assets produced by a devised asset after the execution of a will. For example, ordinary repairs to a car become accessions, and merge...trusts and estates
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Ademption by extinction refers to when an intended gift of property through a will fails to transfer those property rights because the property as described in the will no longer belongs to the testator when the will takes effect.
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Anti-lapse statutes are laws enacted in every state that prevent bequests from lapsing when the intended beneficiary has relatives covered by the statute. Without the statutes, if someone were to bequeath something to an intended beneficiary...
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In the context of a power of appointment, the appointees are the people the donee actually selects from the objects of the power. They are selected by the power of possession holder to receive the appointive assets subject to that power of...
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Appointive assets refer to the property, both real property and chattel, subject to a power of appointment. Once the power of appointment is exercised, ownership of the appointive assets will transfer to the appointees.
For...
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An asset protection trust is a self-settled spendthrift trust. This means it is a trust that an individual creates for themselves that is protected from creditors. Asset protection trusts are normally found outside of the United States....
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Autopsy, borrowed from the Greek autopsia, meaning “the act of seeing with one’s own eyes” means the detailed medical examination, and/or dissection of a dead body to determine the cause of death, or for any scientific and medical purpose....
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The capture doctrine is a theory in trust law that addresses the disposition of ineffectively appointed property under general power. Under the capture doctrine, a power of appointment is invalid or ineffective if there is evidence that the...
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A charitable trust qualifies for certain favorable treatment under U.S. law. For example, it is not subject to the rule against perpetuities and cannot fail for a lack of definite beneficiaries. To qualify as a charitable trust, the trust...
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Cy pres is a legal doctrine that means "as near as possible.”
When a person creates a charitable trust, the express charitable purpose of the trust may become impossible to fulfill. Rather than terminating the trust, the...