trusts, inheritances & estates

ancillary probate

Ancillary probate is a secondary proceeding required in another state than the original probate proceeding. This secondary proceeding is required where the deceased left property or assets in more than one state, and because each state has...

anti-contest clause

Anti-contest clauses (also known as in terrorem clauses, contest clauses, no-contest clauses, noncontest clauses, and forfeiture clauses) are clauses in a will that impose a condition upon a devisee or legatee that they will not dispute the...

anti-lapse statute

Anti-lapse statutes are laws enacted in every state that prevent bequests from lapsing when the intended beneficiary has relatives covered by the statute. Without the statutes, if someone were to bequeath something to an intended beneficiary...

antilapse statute

Anti-lapse statutes are laws enacted in every state that prevent bequests from lapsing when the intended beneficiary has relatives covered by the statute. Without the statutes, if someone were to bequeath something to an intended beneficiary...

applicable exclusion amount

The applicable exclusion amount (also known as unified credit) refers to the total gifts and estate transfers exempted from an individual’s gift and estate taxes. Every U.S. citizen has an applicable exclusion amount for all gifts made inter...

appointees

In the context of a power of appointment, the appointees are the people the donee actually selects from the objects of the power. They are selected by the power of possession holder to receive the appointive assets subject to that power of...

appointive assets

Appointive assets refer to the property, both real property and chattel, subject to a power of appointment. Once the power of appointment is exercised, ownership of the appointive assets will transfer to the appointees.

For...

ascertained

“Ascertained” means something is found out with certainty, it is used after the “ascertain” is finished. “Ascertain” means to make certain; to establish with certainty, by the finding and judgment or decree of the court.

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asset protection trust

An asset protection trust is a self-settled spendthrift trust. This means it is a trust that an individual creates for themselves that is protected from creditors. Asset protection trusts are normally found outside of the United States....

assignee

Assignee is a person to whom a right is transferred by the person holding such rights under the transferred contract (the “assignor”). The act of transferring is referred to as “assigning” or “assignment” and is a concept found in both...

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