| Trust Elements - Trust Property - I |
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| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary.More... |
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| Lapse, Ademption, & Abatement |
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| At common law, if a beneficiary should die between the execution of the will and the death of the testator, the bequest to that beneficiary lapses - that is, the gift becomes void - and the bequeathed property is distributed according to the will's residuary "catchall" clause. If the will contained no residuary clause specifying disposition of the rest, residue, and remainder, of the estate and named no contingent beneficiary, the property is distributed according to the state's intestacy law.More... |
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| Descent and Distribution, Generally |
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| Traditionally, a state statute of descent and distribution provides the order of preference for disposal of an intestate's net estate. As a general rule, the person or persons with the highest rank in the order of preference who survive the intestate take all of the intestate's net estate.More... |
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| Executors - Investing Estate Assets |
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| After paying all of the estate's debts and expenses, or perhaps while waiting until it is time to pay them, what does an executor do with all of the estate's money? Is the executor responsible for actively investing the estate assets? Many people are under the mistaken impression he is.More... |
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| Executors - Federal Estate-Tax Return |
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| An executor must complete and file Form 706 - United States Estate and Generation-Skipping Transfer Tax Return - if the size of the estate exceeds a specified amount ($600,000 in 1997, increasing in steps to $1,000,000 in 2006). More... |
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