The Law Dictionary for Everyone
A personal property tax is a levy imposed on a person’s property. The tax is levied by the jurisdiction where the property is located and it includes tangible property that is not real property. Tangible property includes movable man-made objects that have a physical form and can be seen and touched. Not every state requires personal property tax to be […]
Read moreA trust is an estate planning tool created to manage an individual’s assets for the benefit of others. A special needs trust is a unique type of trust which enables a mentally or physically disabled, or chronically ill person, to receive certain income without negatively affecting his eligibility for needs-based public assistance. These government assistance programs include, among others, Social […]
Read moreA trust is an estate planning tool created by an individual to manage his assets prior to his death, and to specify how is assets are to be distributed after his death. The individual creating the trust, called a “Trustor,” or “Grantor,” transfers ownership of property and assets into the trust for the benefit of his heirs or other named […]
Read moreThe legal term “tenants in common” refers to a form of ownership in which two or more people own separate shares of the same real property. In tenants in common circumstances, each person holds an individual, undivided ownership interest, which gives them an equal right to use the property or transfer their ownership interest. Any of these actions must be […]
Read morePower of attorney refers to the granting of authority to one individual to make decisions for, and to act on behalf of, another individual. Power of attorney maybe granted for a wide variety of situations, and may be assigned for one specific purpose, or to allow the individual given power of attorney to handle all of the principle’s personal and […]
Read moreA pour over will is an estate planning tool used in conjunction with a trust. Creating a trust to hold an individual’s assets for distribution after death has many advantages, including tax advantages. Depending on their circumstances, some people choose not to transfer all of their property into their trust, and many people simply forget to transfer newly acquired assets […]
Read moreA trust is a legal tool used by many individuals to control how their assets are managed after their death. Once a trust has been created, the creator, called a “Trustor,” transfers ownership of certain specified property and financial assets to the trust for the benefit of others, called “beneficiaries.” The assets in the trust are then managed by a […]
Read moreProbate is the legal process of transferring a person’s property to beneficiaries or heirs after death. The customs and laws concerning probate have changed significantly over time, but the intention remains the same: to identify, sort out, and distribute a deceased person’s property. To explore this concept, consider the following probate definition. Definition of Probate Noun The official proving of […]
Read moreA living will is a legal document that gives written instructions regarding the maker’s preferences for medical care in the event he or she is unable to express those desires. Many people find that planning ahead by making a living will helps ensure they get the type of care they desire, while removing the burden of making those choices from […]
Read moreThe legal term grantor refers to an individual or entity that bestows ownership of property, an easement, or a right, on another individual or entity. The term is often used when one party transfers or conveys title to real property by deed, or when an individual creates a trust, and transfers ownership of his assets into it. To explore this […]
Read more