Also called tax basis, cost basis is the original cost of acquiring a property (usually its purchase price plus any commissions or fees), for tax purposes. It is primarily used for computing capital gain or loss from the transfer of property...
wills
cotrustee
Cotrustee (also known as joint trustee) refers to a manager of a trust with multiple trustees. A trust can be established with numerous trustees which may be necessary for large trusts or those involving complex assets. The trustees can have...
counter wills
Counter wills, also called mutual or reciprocal wills, are separate wills between two people that have identical or similar provisions leaving each person’s property to the other or to a third person. The agreement in a compact for mutual...
credit shelter trust
Credit shelter trust (CST) (also called an AB trust or a bypass trust) is a tool used by well-off married individuals to legally maximize their estate tax exemptions.
The strategy involves creating two separate trusts after...
creditor's claim
Creditor’s claim (sometimes referred to as a proof of claim) is a filing with a bankruptcy or probate court to establish a debt owed to that individual or organization. The claim usually gives specific details of the debt, how it came about,...
cum testamento annexo
The phrase “cum testamento annexo” is Latin for “with the will annexed.” The phrase is usually used to describe an administrator of an estate. An administrator cum testamento annexo is an administrator of an estate in which there is a will....
curtesy
Curtesy is an outdated term that refers to the portion of an estate a husband is entitled to upon the passing of their spouse. If a person passes intestate, the surviving husband would be entitled normally to a life-estate to all of their...
cy pres doctrine
The cy pres doctrine is used by courts to distribute charitable gifts when the intended beneficiary of the gift is unavailable or the bequest is no longer feasible. The term “cy pres” essentially means “as near as possible.” Rather than...
cy pres: charitable trusts
Cy pres is a legal doctrine that means "as near as possible.”
When a person creates a charitable trust, the express charitable purpose of the trust may become impossible to fulfill. Rather than terminating the trust, the...
death beneficiary
A death beneficiary is the person who is conferred a benefit upon the death of another, usually through a will or trust.
[Last updated in September of 2022 by the Wex Definitions Team]