Hattiesburg Trusts Lawyer, Mississippi


John Paul Laughlin

Estate Planning, Trusts
Status:  In Good Standing           Licensed:  36 Years

Howard M Stroud

Real Estate, Trusts, Wills & Probate
Status:  In Good Standing           Licensed:  55 Years

R Andrew Foxworth

Oil & Gas, Trusts, Estate Planning, Corporate
Status:  In Good Standing           

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LEGAL TERMS

MINERAL RIGHTS

An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral right... (more...)
An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral rights is usually entitled to either take the minerals from the land himself or receive a royalty from the party that actually extracts the minerals.

PREDECEASED SPOUSE

In the law of wills, a spouse who dies before the will maker while still married to him or her.

SPENDTHRIFT TRUST

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the benefi... (more...)
A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.

ACCUMULATION TRUST

A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nic... (more...)
A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nick's benefit but stipulates that Nick will not get a penny until he gets a Ph.D. in French; Nick is the beneficiary of an accumulation trust.

INCOMPETENCE

The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at ... (more...)
The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at which the person is present and/or represented by an attorney. A finding of incompetence may lead to the appointment of a conservator to manage the person's affairs. Also known as 'incompetency.'

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.

REAL ESTATE AGENT

A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must hav... (more...)
A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must have a state license and be supervised by a real estate broker. Most agents are completely dependent upon commissions from sellers for their income, so it pays to find out which side the agent represents (buyer, seller or both) before you place too much trust in the agent's opinion.

IRREVOCABLE TRUST

A permanent trust. Once you create it, it cannot be revoked, amended or changed in any way.

ENDOWMENT INSURANCE

Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death.... (more...)
Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death. If the policy-holder dies sooner, the beneficiary named in the policy receives the proceeds.

SAMPLE LEGAL CASES

Joel v. Joel

... 10. Jimmy's will devised his property to two trusts, with his attorney, Meador, as trustee of both. Debbie was executrix of Jimmy's estate. ... 684, 690-91, 78 So.2d 758, 760 (1955) (quoting 54 Am.Jur. Trusts § 225). [16] Allred v. Fairchild, 785 So.2d 1064, 1068 (Miss.2001). ...

IN THE MATTER OF ESTATE OF BAUMGARDNER v. Ready

... ROBERT D. JONES, HENRY P. PATE, III, Attorneys for Appellee. BEFORE CARLSON, PJ, RANDOLPH AND KITCHENS, JJ. CARLSON, PRESIDING JUSTICE, FOR THE COURT: ¶ 1. This case involves fifteen years of litigation relating to two testamentary trusts. ...

Wright v. O'DANIEL

... The statute of limitations applicable to actions involving constructive trusts provides in pertinent part: ... Janet filed her complaint seeking the imposition of a constructive trust on October 23, 2007, well within the ten-year limitations period applicable to constructive trusts. ...