Fiduciary Law

Settlor::A person who creates a trust such as a living trust to be operative during his lifetime

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Fiduciary::An individual or trust institution charged with the duty of acting for the benefit of another party as to matters coming within the scope of the relationship between them

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Corpus::The principal or capital of an estate as distinguished from the income

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Executor::An individual or trust institution nominated in a will and appointed by a court to settle the estate of a testator

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Trustee::An individual or trust institution that holds legal title to property for the benefit of someone else

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SImple Trust::A trust that requires all income to be distributed on an annual basis

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Abatement::An equal reduction of benefits to beneficiaries when an estate is not large enough to pay each beneficiary in full

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Revocable Trust::A trust which by its terms may be terminated by the settlor or by another person

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Personal Property::All property NOT deemed real property

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Testamentary Trust::A trust established by terms of a will

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Intestate::To die without leaving a valid will

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Complex Trust::Trusts that allow accumulation of income and distribute income on a discretionary basis

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Defective::Often used to get a lower tax result then a complex trust would have otherwise by taxing an individual rather than the trust

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Codicil::An amendment or supplement to a will, it must be executed with all the formalities of the will itself

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Grantor Trust::A trust in which the grantor retains such power over the trust or is given such power over a trust that all items of income and deduction are attributed to the person rather than the trust

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Trust::The property held in trust which can be virtually anything

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Express Trust::A trust stated orally or in writing with the terms of the trust definitely prescribed

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Implied Trust::A trust created by operation of law or by judicial construction to be distinguished from an express trust which is created by express language oral or in writing

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Irrevocable Trust::A trust which by its terms cannot be revoked by the settlor

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Holographic::A will entirely in the handwriting of the testator

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Express Trust::A trust stated orally or in writing with the terms of the trust definitely prescribed

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Adeemed::Revoking a gift mentioned in a will by destruction or selling or giving away the gift before death