|
In-Terrorum Clause
A provision of a will or trust that disinherits a person in the event that he/she challenges the terms of the will or trust. Sometime called a No-Contest Clause.
Personal Property
Movable property, including furniture, antiques, automobiles, business equipment, cash and stocks. Compare with Real Property.
Inheritance Tax
A tax imposed by the state at the time of a person's death that is based upon the total value of the decedent's estate
Gross Estate
The value of an estate before the debts are paid. In California Probate statutory attorneys and personal representatives fees are usually calculated based on the gross value of the estate, so that the value of the home is calculated before deducting the amount due on the mortgage.
Incapacity / Incompetent
Legally unable to manage one's own affairs due to mental disability. This may be temporary or permanent.
Will
A written document that provides instructions for disposing of a person's property upon the person's death. A will generally also names an executor or personal representative to handle the estate.
Devise
A gift made by a will or a trust. A devise is made to a beneficiary under the terms of the will or trust.
Domicile
A person's permanent legal residence. While a person may have more than one residence, he or she can have only one domicile. Typically, the domicile is the same place you use for purposes of voter registration.
Tenancy-in-Common
A form of ownership of property in which two or more persons share ownership (may be equal or unequal shares). At the death of a tenant-in-common, his/her share in the property transfers to his/her heirs, rather than to the other surviving owner(s). Compare with Joint Tenancy.
Federal Estate Taxes
Taxes imposed by the US Government on the value of a person's estate upon his or her death.
|
Did You Know?