Self-settled trust (also called a spendthrift trust) is a type of trust allowed in a small number of states where a person that creates the trust is also the beneficiary of the trust. The assets are permanently in the trust and controlled by...
property law
separate property
Separate property is property that is owned by one spouse and not the other. There are two categories of marital property; community property, and separate property. Community property is when spouses share all property equally. However, even...
servient estate
Servient estate is a parcel of land that is subject to an easement and benefits another parcel of land. An easement is a privilege or right that the owner of one parcel of real property (called a dominant estate or dominant tenement) has...
servient tenement
Servient tenement is a parcel of land that is subject to an easement and benefits another parcel of land. An easement is a privilege or right that the owner of one parcel of real property (called a dominant estate or dominant tenement) has...
setback
Setback means the areas, measured from the property line to any structure, within which building is prohibited, but which may include driveway areas or other similar surface improvements. In other words, it is the distance a building must be...
settlor
The settlor is the party that creates a trust, usually the donor. The settlor transfers legal title in some asset to the trustee. The settlor then provides in the trust instrument how that trust property is to be used for the beneficiaries. In the case...
Shelley's case
See: rule in Shelley's case.
shifting executory interest
An executory interest that follows an interest that another grantee held.
See: Future Interest
simple trust
Simple trust is one of three general types of trust that must meet three requirements set by the IRS: all the income must be distributed to the beneficiaries yearly, the trust fund must not payout any of its corpus (better known as principal...
simultaneous death act
Simultaneous death acts are state probate laws that alter how assets are to be allocated when two people become deceased within a short amount of time. The laws apply to individuals whose passing alters how assets would be allocated under...