A multiple party account is an account held in any sort of financial intermediary, such as a bank, thrift, or brokerage firm. The account is registered in the names of more than one person. Multiple party accounts are considered a type of will...
trusts and estates
(Wex page)
A negative will is a will in which the testator attempts to disinherit a person by stating that desire directly, for example “I disinherit X.” This method of disinheritence is not usually effective.
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The net probate estate is the entirety of a decedent's estate that goes through administration by the probate court. It excludes will substitutes.
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The No Further Inquiry Rule applies to cases of self-dealing by a trustee. It makes all self-dealing transactions entered into by the trustee per se voidable by the beneficiaries, requiring no proof that such transactions were unreasonable or harmful....
(Wex page)
In trusts and estates law, non-probate assets are assets in which the title has already been transferred within a decedent’s lifetime, or assets in which the transfer of title is controlled by some sort of survivorship mechanism. These assets are not...
(Wex page)
In the context of a power of appointment, the objects of the power are the class of persons the power-holder (the donee) selects among.
(Wex page)
Normally, children who are cut out of their parents’ will cannot file claim against their parents’ estate. However, in rare cases when the child is born or adopted after the will is executed, omitted child statutes allow that child to file claim...
(Wex page)
The parentelic system is a system used by some states to determine who is an heir of a deceased person who has died intestate. The assets are first passed to the spouse, descendants and parents of the decedent, then to siblings, nieces and nephews of...
(Wex page)
A precatory trust is an express trust that is created with language that expresses a future intent or a wish, but in which the court nevertheless finds legally enforceable duties. Normally trust language must express a present intent to create legally...
(Wex page)
A power of appointment that the donee can exercise during his lifetime. This can be contrasted with a testamentary power of appointment.