Estate planning involve many terms that you may not be familiar with, but do not worry. In this series, our estate lawyer in Cary NC is defining some of the most commonly used terms so that you can be better prepared when planning your estate. In the first post, we covered A-H. Next up, we are covering terms I-P.
Glossary | Estate Lawyer in Cary NC
A trust created to have life insurance on a person or persons that is not included in the gross estate at the time of his or her death.
A list of all the assets of a decedent or trust.
A trust that cannot be overturned or modified by a grantor.
When two or more people own property together.
Someone who receives benefits from a trust or other arrangement for the rest of his or her life.
Ownership of property that lasts as long as the life beneficiary is alive.
A trust one creates to keep his or her assets protected. Typically it is a revocable trust.
A federal estate and gift tax deduction that is unlimited, allowing for assets to be passed between spouses without being subject to taxes.
A trust that holds property for the surviving spouse in an AB trust. It is designed to qualify for the marital deduction so that the surviving spouse does not have to pay taxes on the estate.
A provision that overturns the original will or trust’s instructions if someone sues for more money, causing them to lose any inheritance rights he or she may have had. The clause is permissible in certain states.
Operation of Law
The process by which assets are passed on when someone dies based on state laws or titling arrangements rather than under the terms in the will.
Visit back soon, to learn more terms that will help you with estate planning.
Klish and Eldreth, PLLC
Remember, if you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyer in Cary NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office today to get started estate planning.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and DWI issues.
If you missed our previous blogs, containing even more terms to know, be sure to visit back with them, below: