PROPERTY

accession

Accession is prominent in two legal practice areas; trusts and estates, and secured transactions.

Accession in trusts and estates law are assets produced by a devised asset after the execution of a will. For example, ordinary...

accretion

Accretion, in law, usually refers to the slow addition of land next to water due to the water’s movement or the increase of beneficiary’s share of a trust due to the actions of another beneficiary.

Accretion from natural...

accumulation trust

Accumulation trust is a type of see-through trust that allows withdrawals to be made or kept within the trust. See-through trusts are established by people with individual retirement accounts (IRA) so that the assets in their IRAs are...

act of God

An act of God refers to a severe, unanticipated natural event for which no human is responsible. Despite its facial religious connections, the usefulness of the term means “act of God” is frequently used in otherwise secular statutory and...

ad valorem

Ad valorem translated directly from Latin, means "according to [the] value [of something].” In practical use, the term is used in taxation to designate taxes levied against property, real or personal, at a certain rate based upon the property...

ad valorem tax

Ad valorem is a Latin phrase that translates to “according to the value.”

The essential characteristic of ad valorem tax is that it is proportional to the value of the underlying asset, unlike a specific tax, where the tax...

adeem

Adeem means to revoke or withdraw a bequest because the bequeathed assets no longer belong to the testator at the time of their death. This occurs when the property that was the subject of a specific bequest is sold, destroyed, given away, or...

ademption

Ademption refers to the destruction or extinction of a testamentary gift because the bequeathed assets no longer belong to the testator at the time of their death. This occurs when the property that was the subject of a specific bequest is...

ademption by extinction

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.

...

ademption by satisfaction

Ademption by satisfaction occurs when a party gives someone a gift initially intended to be included in their will while that party is still alive. In cases of direct familial relationships, ademption by satisfaction is presumed as...

Pages