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One form of life interest is a life estate, an ownership interest in property that lasts for the life of the party to whom it has been granted. Unlike the beneficiary of a trust, the owner of a life estate in property has the right to possession of the property and may use it as any other owner, subject only to a duty to avoid waste of the ...
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
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 ...
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."
Other examples include discretionary death benefits from pension funds, accounts with certain financial institutions subject to a nomination and the proceeds of life insurance policies which have been written into trust. Trust property will also frequently fall outside the estate but will depend on the terms of the trust.
Legacy, testamentary gift of personal property, traditionally of money but may be real or personal property; Life estate, [1] a concept used in common and statutory law to designate the ownership of land for the duration of a person's life
These specific legacies are viewed by courts as unique and not able to be replaced with a lifetime gift of money or other property. [ 2 ] When the probate court determines that the doctrine applies to a lifetime gift made to a will beneficiary, the amount beneficiary's gift under the will is reduced by the amount the beneficiary has already ...
Protection of Persons under Disability and their Property: Power of attorney and rules for guardianship of minors and incapacitated persons 6 Nonprobate Transfers on Death: Rules governing nonprobate transfers, such as joint bank accounts, life insurance policies, and transfer-on-death (TOD) securities: 7 Trust Administration
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