Peace Talks Glossary
Peace Talks Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Taking against the will
Choice by surviving spouse to receive his or her statutory share of an
estate rather than what has been provided for him or her in the will.
See dower and curtesy.
Taxable estate
That part of an estate which is subject to federal or state estate taxes.
Tenancy by the
entirety
Form of marital property ownership with a right
of survivorship between the spouses. See also joint tenancy.
Tenancy in common
Form of joint ownership which provides that if one joint owner dies, his
or her share becomes part of his or her estate rather than automatically
becoming the property of the other joint tenants. See also joint tenancy
and tenancy by the entirety.
Testamentary trust
Trust created by a will.
Testate
Someone
who dies and leaves a valid will or estate planning device in place.
Testator
Person
making a will
Title
Document
which proves ownership of property.
Transfer on Death
Designation of ownership of property which provides for a direct transfer
to the named person upon the death of the owner.
Trust
* Legal document
which designates one person or institution (trustee) to control property
given by another person (trustor) for the benefit of a 3rd party (beneficiary).
The property included in a trust is called the principal of the trust.
Trust
* A property
interest held by one person for the benefit of another
Trust corpus, trust res
Property inside of a trust.
Trust merger
Trust which automatically is terminated when there is one sole beneficiary
left and that person is also the sole remaining trustee.
Trustee
Person(s)
or legal entity which manages a trust and trust property according to
the terms of a trust.
Trustee powers
Provisions in a trust which define what a trustee may or may not do and
what the trustee controls. Generally includes the ability to choose investments
for property, for example.
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