In trusts and estates law, these are assets that an individual owns at his death in his sole name. Probate assets do not have a survivorship feature that will control the disposition at death, so disposition of probate assets are determined by...
trusts and estates
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The prudent investor rule says that a trustee must act prudently when investing the trust property. The prudent investor rule has changed over time to reflect the Modern Portfolio Theory.
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A public express trust is a charitable trust that has a purpose that benefits the community in general, or has a specific beneficial purpose (such as education or health). These are favored by the law and get certain advantages, for example, the...
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In trusts and estates law, a purchase money resulting trust is used in domestic partnership when the domestic property is purchased by both partners, but the title is only in the name of one partner. If the title-holder dies intestate, the purchase...
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Pure per stirpes is a system of determining the descendants of individuals who have died intestate. Any part of the intestate estate not passing to the decedent’s surviving spouse is passed to the descendants of the decedent. In the pure per stirpes...
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The putative spouse doctrine’s purpose is to protect the financial and property interests of a person who enters into a bigamous marriage believing in good faith that it is a valid marriage. The person who is unaware his spouse is already married is...
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Qualified indorsement (or endorsement) is an indorsement that passes title to a negotiable instrument with certain restrictions. It is an indorsement coupled with an additional phrase, e.g. "without recourse," thereby limiting the liability...
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Qualified terminable interest trusts (QTIP trusts) are an estate planning tool used to maximize a couple’s applicable exclusion amounts while qualifying for the marital deduction. Full property interest transfers to spouses do not trigger...
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Quasi-community property is the property spouses acquired when they were not domiciled in a community property state. Community property states (i.e. Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin...
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In trust law, a remainder interest is the part of the trust property that remains after the specific devises are given to the intended beneficiaries.