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In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
Successor Trustee: A second person who can take over for the trustee if the trustee is incapable of fulfilling the duties or has died There are two kinds of living trusts: revocable and irrevocable.
Testate – person who dies having created a will before death. Testator – person who executes or signs a will; that is, the person whose will it is. The antiquated English term of Testatrix was used to refer to a female. [9] Trustee – a person who has the duty under a will trust to ensure that the rights of the beneficiaries are upheld.
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
Assume further that the trust instrument provides that the remaining principal of the trust will be distributed outright to the grandchildren following the child's death. If the trust property is not subject to estate tax at the child's death (by reason of a general power of appointment, e.g.), a GST tax will be imposed when the child dies ...
Ronnie Green was arrested and charged in the death of Baron Godwin after the two physically fought over money, according to an arrest affidavit. Affidavit: Man charged in death of resident at ...