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  2. Life interest - Wikipedia

    en.wikipedia.org/wiki/Life_interest

    A life interest ends when the life tenant dies. An interest in possession trust is the most common example of a life interest trust. In a typical interest in possession trust, the life tenant receives all the income from the trust for the rest of his or her life. On the life tenant's death, the trust comes to an end, and the capital of the ...

  3. Residuary estate - Wikipedia

    en.wikipedia.org/wiki/Residuary_estate

    If no such clause is present, however, the residuary estate will pass to the testator's heirs by intestacy. At common law , if the residuary estate was divided between two or more beneficiaries, and one of those beneficiaries was unable to take, the share that would have gone to that beneficiary would instead pass by intestacy, under the ...

  4. Ademption by satisfaction - Wikipedia

    en.wikipedia.org/wiki/Ademption_by_satisfaction

    Ademption by satisfaction, also known as satisfaction of legacies, is a common law doctrine that determines the disposition of property under a will when the testator has made lifetime gifts to beneficiaries named in the will.

  5. Life estate - Wikipedia

    en.wikipedia.org/wiki/Life_estate

    Charlie's life interest or pur autre vie interest (interest for the life of another, whichever has applied) and most often the remaining rights of ownership in the property (the 'reversionary interest') devolve to the persons under the terms of the will/rules of intestacy/declaration of trust/trust deed (UK) or will/rules of intestacy/'grant or ...

  6. Lapse and anti-lapse - Wikipedia

    en.wikipedia.org/wiki/Lapse_and_anti-lapse

    Under section 2-604(b) of the uniform probate code, "if the residue is devised to two or more persons, the share of a residuary devisee that fails for any reason passes to the other residuary devisee, or to other residuary devisees in proportion to the interest of each in the remaining part of the residue."

  7. Power of appointment - Wikipedia

    en.wikipedia.org/wiki/Power_of_appointment

    It is a trust that qualifies for the marital deduction, provided that the surviving spouse is given the income at least annually and the surviving spouse has a general power of appointment over the trust property remaining at his death. Most general powers of appointment are exercisable under a will. The holder of the power refers to the ...

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