The trust beneficiary is the party for whose benefit the trustee holds the title to the trust property.
trusts and estates
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Trust intent is the settlor’s intent to make a trust. It is a requirement of an express trust along with trust property, a trustee and definite beneficiaries.
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Trust property is also known as the “trust res” or “corpus.” It is the property that is the subject of the trust. The property must be presently existing and identified. Trust property can be any property interest that the law recognizes as a valid...
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Universal life insurance is a type of life insurance that lasts for the life of the insured and has flexible premiums, death benefits, and cash value. Universal life insurance operates similarly to whole life insurance in that the insured...
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Definition
1) Empty, unclaimed, and/or unoccupied real property.
2) An abandoned estate, i.e. an estate that has no heirs or claimants.
Illustrative caselawSee, e.g. Simmons v. Saul, 138 U.S. 439 (1891).
See also...
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Vacant succession refers to when no heirs to an estate can be found or those that are known predeceased the testator or rescinded their inheritance. Vacant succession typically refers to property being distributed under a will, not as an...
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In estates and trusts law, documents — in particular, wills — that are important in carrying out a decedent's wishes. In addition to wills, valuable papers include power of attorney forms, title documents, stock certificates, and letters to be opened...
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Variable life insurance is a form of whole life insurance that accumulates cash value on a tax-deferred basis. Variable life insurance operates similarly to a mutual fund because the insured pays premiums that go into a separate investment...
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Variable universal life insurance refers to universal life insurance policies where the policy holder chooses how the cash value of the account is invested. Like any universal life insurance, these policies allow flexible premiums and death...
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Though transfers by will are normally donative, it is possible to use a will to form an obligatory, legally enforceable contract. A will contract is created when a promise is made and supported by consideration to leave property by will to the promisee...