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During law school, Mr. Chayet's grandmother, Letty Milstein, was the principle party in one of the most controversial and public elder law cases in th... (more)

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LEGAL TERMS

MARITAL LIFE ESTATE TRUST

See AB trust.

PERSONAL PROPERTY

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, p... (more...)
All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty. Compare real estate.

ABATEMENT

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other exp... (more...)
A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other expenses. Gifts left in the will are cut back in order to pay taxes, satisfy debts or take care of other gifts that are given priority under law or by the will itself.

SWEARING MATCH

A case that turns on the word of one witness versus another. The outcome of a swearing match usually depends on whom the jury finds most trustworthy.

SUCCESSION

The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which d... (more...)
The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.

PUBLISHED WORK

An original work of authorship that is considered published for purposes of copyright law. A work is 'published' when it is first made available to the public o... (more...)
An original work of authorship that is considered published for purposes of copyright law. A work is 'published' when it is first made available to the public on an unrestricted basis. It is thus possible to display a work, or distribute it with restrictions on disclosure of its contents, without actually 'publishing' it. Both published and unpublished works are entitled to copyright protection, but some of the rules differ.

GRANTOR

Someone who creates a trust. Also called a trustor or settlor.

LIVING TRUST

A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the t... (more...)
A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the trust during your life passes directly to the trust beneficiaries after you die, without court involvement. The successor trustee--the person you appoint to handle the trust after your death--simply transfers ownership to the beneficiaries you named in the trust. Living trusts are also called 'inter vivos trusts.'

SURVIVING SPOUSE'S TRUST

If a couple has created an AB trust, the revocable living trust (Trust B) of the surviving spouse, after the first spouse has died.

SAMPLE LEGAL CASES

Barber v. Ritter

... which they allege became general tax dollars as a result of the transfer, would be expended to defray "general governmental expenses unrelated to the respective purposes for which the cash funds were created"; (2) some of the funds involved were "public trusts," and therefore ...

Saunders v. MURATORI

... See Moore v. 1600 Downing Street, Ltd., 668 P.2d 16, 19 (Colo.App.1983) ("`It is fundamental to the law of trusts that cestuis have the right `upon the general principles of equity' ... and `independently of [statutory] provisions ... ...

IN RE VINTON v. Virzi

... App. 2000). ¶18 With regard to Virzi's allegation of misrepresentation of ownership, for hundreds of years it has been true of the English and American law of trusts that "title" is "colorless" because the person in whom the ... Restatement (Second) of Trusts § 2 cmt. d (1959). ...