Self-settled trust (also called a spendthrift trust) is a type of trust allowed in a small number of states where a person that creates the trust is also the beneficiary of the trust. The assets are permanently in the trust and controlled by...
trusts, inheritances & estates
separate property
Separate property is property that is owned by one spouse and not the other. There are two categories of marital property; community property, and separate property. Community property is when spouses share all property equally. However, even...
settlement
1. An agreement that ends a dispute and results in the voluntary dismissal of any related litigation. Regardless of the exact terms, parties often choose to keep their settlement agreements private.
2. In business law, the payment,...
settlor
The settlor is the party that creates a trust, usually the donor. The settlor transfers legal title in some asset to the trustee. The settlor then provides in the trust instrument how that trust property is to be used for the beneficiaries. In the case...
Shelley's case
See: rule in Shelley's case.
simple trust
Simple trust is one of three general types of trust that must meet three requirements set by the IRS: all the income must be distributed to the beneficiaries yearly, the trust fund must not payout any of its corpus (better known as principal...
simultaneous death act
Simultaneous death acts are state probate laws that alter how assets are to be allocated when two people become deceased within a short amount of time. The laws apply to individuals whose passing alters how assets would be allocated under...
skip person
A skip person refers to a family member that someone gifts or bequests assets to, that is two or more generations younger than them. This term arose when, prior to the generation-skipping transfer tax, wealthy individuals passed their wealth...
slayer rule
In trusts and estates law, the slayer rule says that a murderer cannot retain a property interest in their victim’s estate. The slayer rule allows courts to presume the murderer disclaims their property interest, and therefore behave as though the...
small estate
Small estate is a classification of estates with limited value that can go through shorter probate or avoid probate completely. Probate can be a long and very expensive process for all parties involved. States created small estate...