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Category Archives: Wills & Trusts

Title

In property law, the right to own and possess real and personal property. As applied to real property, “title” identifies the legal owner of the land.

Testator/Testatrix

Male/female person who writes a will.

Testamentary Trust

A trust created in a Last Will and Testament which does not become effective until the death of the person who wrote the will.

Testamentary Disposition

Transfer or disposition of property through a last will and testament; the manner in which the terms of a will divide the testator’s estate, including specific gifts to named beneficiaries.

Testamentary Capacity

Possessing the mental competency to execute a last will and testament; being of sound mind. The author of the will must have the ability to know the extent of his property and weigh and appreciate his obligations toward the natural objects of his bounty, his family.

Tenancy in Common

Title to property held by two or more persons, in which each has an “undivided interest” in the property and all have an the right to possess the property. The percentage of interests may not be equal. There are no rights of survivorship with property held as tenants in common.

Tenancy by the Entirety

Joint ownership of title by husband and wife, in which both have the right to the entire property, and, upon the death of one, the other has full rights of survivorship. This form of ownership provides some protection from creditors.

Spendthrift Trust

A trust established for the benefit of a person that has restrictions upon the distribution of the trust property designed to guard against the beneficiary’s misuse or wasting of the trust assets and to generally protect the trust assets from the creditors of the beneficiary.

Specific Bequest

The giving of a gift of a specific item of personal property to a person as set forth in a will.

Special Needs Trust

A trust that is designed to protect the assets of a person who is disabled. These trusts can be set up by a parent, grandparent, legal guardian or the court and are designed to provide extra funds to the disabled person without jeopardizing governmental or other public benefits that the disabled person may be receiving.

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