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In law, a trust is a relationship in which the holder of property gives it to another person or entity who must keep and use it solely for the benefit of another person or group of persons who are termed as 'beneficiary'. In the English common law tradition, the party who entrusts the property is known as the "settlor", the party to whom the property is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property itself is known as the "corpus" or "trust property". A testamentary trust is created by a will and arises after the death of the settlor. An inter vivos trust is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; an irrevocable trust can be "broken" (revoked) by a judicial proceeding or by consent of the settlor and the beneficiaries.
Under U.S. law, a conservatorship results from the appointment of a guardian or a protector by a judge to manage the personal or financial affairs of another person who is incapable of fully managing their own affairs due to age or physical or mental limitations. A person under conservatorship is a "conservatee", a term that can refer to an adult. A person under guardianship is a "ward", a term that can also refer to a minor child. Conservatorship may also apply to corporations and organizations.
A will and testament is a legal document that expresses a person's (testator) wishes as to how their property (estate) is to be distributed after their death and as to which person (executor) is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy.
Intestacy is the condition of the estate of a person who dies without having in force a valid will or other binding declaration. Alternatively this may also apply where a will or declaration has been made, but only applies to part of the estate; the remaining estate forms the "intestate estate". Intestacy law, also referred to as the law of descent and distribution, refers to the body of law that determines who is entitled to the property from the estate under the rules of inheritance.
An executor is someone who is responsible for executing, or following through on, an assigned task or duty. The feminine form, executrix, may sometimes be used.
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased, or whereby the estate is settled according to the laws of intestacy in the state of residence of the deceased at time of death in the absence of a legal will.
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for a person's future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift, estate, and generation-skipping transfer taxes. Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner, and may be as simple or complex as the owner's wishes and needs directs. Guardians are often designated for minor children and beneficiaries with incapacity.
In common law jurisdictions, a personal representative or legal personal representative is a person appointed by a court to administer the estate of another person. If the estate being administered is that of a deceased person, the personal representative is either an executor if the deceased person left a will or an administrator of an intestate estate. In other situations, the personal representative may be a guardian or trustee, or other position. As a fiduciary, a personal representative has the duties of loyalty, candor or honesty, and good faith. In the United States, punctilio of honor, or the highest standard of honor, is the level of scrupulousness that a fiduciary must abide by.
Letters of Administration are granted by a surrogate court or probate registry to appoint appropriate people to deal with a deceased person's estate where property will pass under intestacy rules or where there are no executors living having been validly appointed under the deceased's will. Traditionally, letters of administration granted to a representative of a testator's estate are called "letters of administration with the will annexed" or "letters of administration cum testamento annexo" or "c.t.a.".
Ad colligenda bona is a Latin phrase that approximately translates as "to collect the goods". In cases involving something quid pro quo, a prosecutor may be eligible for certain goods. Or, if specific items i.e. estate are unclaimable, the state would collect their goods.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law. Such a person is known as the administrator of the estate and will enjoy similar powers to those of an executor under a will.
In common-law jurisdictions, administration of an estate on death arises if the deceased is legally intestate, meaning they did not leave a will, or some assets are not disposed of by their will.
United States trust law is the body of law that regulates the legal instrument for holding wealth known as a trust.
Ancillary administration is "the administration of a decedent's estate in a state other than the one in which she lived, for the purpose of disposing of property she owned there." Another definition is the "administration of an estate's asset's in another state." This is often a necessary procedure in probate, because the decedent may own property in a state other than his domicile, which is subject to the law of the state in which it sits. Generally, an ancillary administration proceeding should commence in any county where the decedent's had property. While the probate process is governed by state law, each county may have different procedures and customs.
Morgan v. Hamlet, 113 U.S. 449 (1885), was a bill in equity filed by the appellants, September 3, 1879.
A probate court is a court that has competence in a jurisdiction to deal with matters of probate and the administration of estates. In some jurisdictions, such courts may be referred to as Orphans' Courts or courts of ordinary. In some jurisdictions probate court functions are performed by a chancery court or another court of equity, or as a part or division of another court.
The Family law of Singapore deals with several family legal issues in Singapore. It deals with adoptions, divorce, children's issues, division of matrimonial property, personal protection orders, probate and maintenance. The family court in Singapore oversees these legal issues. Singapore has two separate and different sets of family law: one for Muslims and the other for everyone else. Family law for Muslims is codified in the Administration of Muslim Law Act (AMLA). Family law for non-Muslims is codified in the Women's Charter. The Family Justice Courts of Singapore (FJC) handles all family cases.
Share transmission is a mechanism by which the title to shares is devolved other than by transfer. This is typically applicable for:
The South African law of succession prescribes the rules which determine the devolution of a person's estate after his death, and all matters incidental thereto. It identifies the beneficiaries who are entitled to succeed to the deceased's estate, and the extent of the benefits they are to receive, and determines the different rights and duties that persons may have in a deceased's estate. It forms part of private law.
Tadeusz Kościuszko (1746–1817), a prominent figure in the history of the Polish–Lithuanian Commonwealth and the American Revolution, made several wills, notably one in 1798 stipulating that the proceeds of his American estate be spent on freeing and educating African-American slaves, including those of his friend Thomas Jefferson whom he named as the will's executor. Jefferson refused the executorship and the will was beset by legal complications, including the discovery of later wills. Jefferson's refusal incited discussion in the 19th, 20th, and 21st centuries. Kościuszko returned to Europe in 1798 and lived there until his 1817 death in Switzerland. In the 1850s, what was left of the money in Kościuszko's U.S. trust was turned over by the U.S. Supreme Court to his heirs in Europe.
References
- ↑ Gordon W. Brown (2003). "The Personal Representative". Administration of Wills, Trusts, and Estates. Cengage Learning. p. 286. ISBN 9780766852815.
- ↑ Robert Mckeon (2001). Q & a on Succession. Cavendish Publishing Ltd. p. 216. ISBN 1-85941-621-7.