Legal Terminology and Law Definition of Trusts & Estate Planning

last will and testament
Also known as a will. A legally enforceable declaration directing the disposal of a decedent's property. See also: will. … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
Monitor
Monitor is a new term approved by the NY legislature in 2008 in connection with the new Power of attorney laws of NY. The purpose of appointing a monitor is to prevent elder abuse and abuse of a power of attorney. A monitor can be appointed by the principal in the Power of attorney and is given the authority to request, receive, and seek to compel the … Full Definition »
Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning
personal property
Property is anything that may be the subject of ownership, and is real or personal property. (NY EPTL, § 1-2.15) … Full Definition »
Law topic: Asset Protection << Legal issue: Trusts & Estate Planning
power of attorney
Power of attorney means a written document by which a principal with capacity designates an agent to act on his or her behalf. … Full Definition »
Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning
Revocation of Will
A will or any part of it may be revoked or altered by: a new will; an act of burning, tearing, cutting, cancellation, obliteration, or other mutilation or destruction performed by the testator (the person signing a will), or another person at testator's direction; a document called a Revocation of a will. The revocation of a will revokes all codicils … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
SMGR
SMGR stands for a Statutory Major Gifts Rider. Statutory major gifts rider is a new term adopted by the NY Legislature in 2008. The Statutory major gifts rider (SMGR) must be a part of a valid NY Statutory Short Form of a Power of attorney. It means a document by which the principal (a person executing a Power of attorney) may supplement a statutory short … Full Definition »
Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning
Statutory major gifts rider
Statutory major gifts rider is a new term adopted by the NY Legislature in 2008. The Statutory major gifts rider (SMGR) must be a part of a valid NY Statutory Short Form of a Power of attorney. It means a document by which the principal (a person executing a Power of attorney) may supplement a statutory short form power of attorney to authorize an agent … Full Definition »
Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning
testamentary trust
a trust created after the grantor’s death (by the terms of his will), as opposed to a Living Trust, created during his lifetime. … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
trust
\ trʌst \ "Trust" means an express trust, private or charitable, with additions to it, wherever and however created. It also includes a trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. “Trust” excludes other constructive trusts, and it excludes resulting trusts; … Full Definition »
Law topic: Trusts & Estate Planning << Legal issue: Trusts & Estate Planning
trustee
\ ˌtrʌsˈtiː\ “Trustee” includes an original, additional, surviving, or successor trustee, whether or not appointed or confirmed by court. (PART II,Sec.731.201)  … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
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trust
\ trʌst \ "Trust" means an express trust, private or charitable, with additions to it, wherever and however created. It also includes a trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. “Trust” excludes other constructive trusts, and it excludes resulting trusts; … Full Definition »
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