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TRUST: When the transferee of the property is a separate legal entity a trust has been created.
ESTATE: The property of the deceased.
WILL: A legal expression by whih a person directs how his or her property is to be distrubuted after death.
EXECUTOR: The person who the will maker names their own personal representative.
parents receive the remainder. -With no spouse, children, or grandchildren: deceased's parents each receive 1/2 of property.
grandchildren: spouse gets 1/2 and children share equally the remainder. -With spouse & no children/grandchildren: spouse gets 1/2 & deceased's
DISTRIBUTION WITHOUT A WILL: -With no spouse but children: Children inherit equal shares. -WIth a spouse & children or
DISTRIBUTION WITH A WILL: -Terms are to be followed as closely as possible. -Probate court supervises this procedure. -Stautory
provisions allow certain relatives to override the will's terms and receive more of the estate . - How the testor has decided to split the property.
Inter Vivos Trust: Trust created during the lifetime of the settlor. (Living Trust)
Testamentart Trust: Trust created after the death of the settlor in accordance with
directions in her or his will
Charitable Trust: Trust created for the fulfillment of an alrtuistic purpose.
Provate Trust: Trust created for a private purpose.
Spendthrifr Trust:Trust that protects the beneficiary's intrests in property from creditor
Constructive Trust: Require a person holding property to transfer it to another.
Revocable Trust: May cancelle at any time prior to the death & the property taken back.
Resulting Trust: Formed when the enity used to receive the benefit of an express cant.
