Sometimes people declare other people dead for their own use. For example, Constantin Reliu, a Romanian living in Turkey, was declared dead by his wife so that she could remarry. [18] [19] In India, several people have been fraudulently declared dead by family members who wanted to steal land and other property. The best known is Lal Bihari, who was declared dead fraudulently by family members and was legally dead between 1975 and 1994. Bihari founded the Association of the Dead to help others in similar situations. [20] Legal succession: The legal distribution of the estate of a person who died without a will. Trust will: A will that, in its terms, creates one or more trusts after your death. Disclosure: During litigation, mandatory disclosure of relevant information, including documents and other evidence, by a disputing party. Advance Medical Directive: A legal document in which a person appoints an agent or surrogate to make medical decisions if the person is unable to do so, and that gives the surrogate or officer the right to authorize the suspension of medical care. Joint will: Two people, usually spouses, can sign a single will signed by both. Typically, this gives all assets in trust to the survivor and then documents the states where the rest will pass upon the survivor`s death. As a rule, terms cannot be changed after the death of the first person.
Age of majority: 18 in most states. The legal age of adulthood. Interest of a beneficiary: A beneficiary`s “interest” in a trust or estate refers to the beneficiary`s legal right to receive income or capital. Testate: Refers to a person who dies with a will. Estate: Your estate includes all assets whose title is transferred by will upon your death. The estate does not include property that is transferred by law or contract outside the will. Examples of assets without estate are often life insurance where you have named a beneficiary, property held jointly with a survivor`s right, assets held by a revocable living trust, liabilities in the event of death, and the IRA where you have named a beneficiary. The estate is in contrast to the taxable estate. Codicil: An officially signed document that supplements or modifies the terms of a will so that a complete rewrite of the will is not required.
AB Trust: A standard type of trust in which two “sub-trusts” are created upon the death of a person, one of which, Trust “A”, is continued for the benefit of the surviving spouse. The second trust or trust “B” contains assets equal to the remaining amount of the deceased spouse`s estate tax exclusion. Trust “B”, sometimes referred to as a “circumvention trust” or “credit shelter trust”, is also held for life in favour of the surviving spouse, but passes to the children (or other beneficiaries) after the death of the surviving spouse without additional inheritance tax. Trust assets (trust assets): Assets transferred to the trustee by re-registering their legal title in the name of the trustee. Trust assets can include real estate, bank accounts, stocks, bonds, brokerage accounts, corporate interests, tangible personal property and many other types of financial and legal interests. Other beneficiary: The beneficiary who would receive the estate or trust if the named primary beneficiary died or did not live before the settlor until the property was distributed. Executor (male) / Executor (female): Appointed in a will, alone or with a co-executor, and then appointed by the probate court to administer and distribute the estate of a deceased person according to the terms of the will. May also be appointed as a personal representative.
Trust certificate: Verification of the existence of a trust, which usually identifies the trustees and explains the powers of the trust, but does not disclose the assets, beneficiaries or terms of the trust. Mirror wills: Two people, usually spouses, can have identical wills, except that they designate each other as heirs. Unlike a testamentary contract, the survivor is free to change the terms after the death of the first person. Also called “mutual wills”. Succession: The process, usually conducted by an estate court or an official under the authority of the court, established in the fifty states to oversee the transfer of legal title to the property of a deceased person to his heirs or beneficiaries, or to supervise the administration of the property and affairs of a person who is unable to manage his own affairs. Trustee: The individual, bank or trust company responsible for holding and administering the assets of the trust (also commonly referred to as a “trustee”). This person holds legal title to the assets of the trust. A trustee has a duty to act in the best interests of the trust and its beneficiaries and in accordance with the terms of the trust indenture. Trust Instrument: A document signed by a settlor that contains the conditions under which trust property is to be managed and distributed. Also known as a trust agreement or trust agreement. Will Challenge: A probate dispute that challenges or challenges the terms or validity of a will. Power of attorney: A legal instrument that appoints one or more other persons as agents to manage their property and affairs in the event that they are unable to do so themselves due to permanent or temporary disability or various life events.
A very powerful document that enters into force as soon as it is signed by all parties. Capacity: The legal capacity to perform a specific action (for example, to draft a will or trust, sign a power of attorney, or enter into a binding contract.) In 2013, an Ohio man named Donald E. Miller Jr., who was pronounced dead in 1994, resurfaced and filed a lawsuit to be declared alive. But the local court refused, ruling that he was still legally dead because Ohio state law does not allow for the cancellation of legal death declarations if more than three years have passed. [16] Disinheritance: To legally prevent someone from inheriting from you upon your death. Will contracts: Binding conditions between two or more people that require participants to have certain conditions in wills that come into effect upon death. Prudent Man Rule: A legal principle that requires a trustee to manage the assets of a trust with the same care that a prudent, honest, intelligent and diligent person would use to deal with assets in the same circumstances. The issue of legal death is causing some controversy among health professionals and the public. Key issues discussed among bioethicists include, but are not limited to; Organ donation other than heart rate, criteria for determining death in adults versus infants, and whole brain versus higher brain death versus brainstem death. [22] Incapable: Not authorized to perform a specific act (see Legal capacity). The ability to sign contracts is a higher standard than signing a will and the standards differ from jurisdiction to jurisdiction.
Will: A document identifying the beneficiaries who will inherit the testator`s property and appointing a representative who administers the estate and is responsible for distributing the property to the beneficiaries. To be valid, a testator must have legal capacity when the will is drawn up and follow state law. Descendants: The term is defined by state law, but generally a descendant is the children, grandchildren, great-grandchildren, etc. of a person who are related by blood or have been legally absorbed into the lineage. The problem and the child are usually interchangeable. Life estate: The interest of a life beneficiary to use the property for life, after which title passes entirely to the Restmann (the person named in the deed, trust deed or other legal document as the final owner at the end of the estate). Historically, those who have committed crimes or other wrongs against the state have been declared legally dead, even though they are clearly alive. This is called civil death. Such a person loses all the rights normally accorded to a person.
In jurisdictions that practiced civil death, it was legal to kill such a person because he or she was not really living by the law and therefore was not actually killed. [21] Capital: Property (such as money, shares and real property) contributed to or otherwise acquired by a trust to generate income and be used for the benefit of the beneficiaries of the trust under the terms of the trust. Also known as a fiduciary corpus. Appointment Authority: The power granted to a person (usually a beneficiary) under the terms of a trust to entrust ownership to specific persons when that person`s interest in the trust or other special circumstances end.
