What Is a Declaration Of Trust?

A declaration of trust is a document that establishes a trust. The document specifies the terms of the trust, including the trustees, the beneficiaries, and the assets. The declaration of trust can be used to create a variety of different types of trusts, including charitable trusts, living trusts, and irrevocable trusts. Does a declaration of … Read more

What Is a Life Estate?

A life estate is an estate in which the owner has the right to possess and use the property for the duration of their life, after which it reverts back to the original owner or their heirs. How does a life estate work in NY? A life estate is a type of ownership interest in … Read more

What Is Pari-Passu?

Pari passu is a Latin term meaning “equal footing.” In the context of trust and estate planning, it refers to the principle that all beneficiaries of a trust or estate should receive their share of the assets equally and without preference. This principle is often violated when beneficiaries are given unequal distributions of assets or … Read more

Holographic Will Definition.

A holographic will is a will that is entirely handwritten by the person who is making the will (the “testator”). There is no formal format that a holographic will must follow, and there is no need for witnesses or for the will to be notarized. The main advantage of a holographic will is that it … Read more

What Is the Cy Pres Doctrine?

The cy pres doctrine is a legal doctrine that allows a court to modify the terms of a trust or will if the original purpose of the trust or will becomes impossible or impracticable to achieve. The doctrine is derived from the French phrase “cy pres comme possible,” which means “as near as possible.” The … Read more

Distributable Net Income (DNI) Definition.

DNI is defined as the sum of a decedent’s distributable net income (as defined in section 643 of the Code), plus any distributable net income of any trust for which the decedent was a trustee at any time during the decedent’s taxable year. What is included in accounting income for a trust? In order for … Read more

Mutual Will.

A mutual will is a will that is made by two or more people, typically a married couple, in which each person agrees to leave their property to the other person upon their death. This type of will can be very helpful in ensuring that your property is distributed according to your wishes, but it … Read more

Gift in Trust.

A gift in trust is a legal arrangement in which a person (the grantor) gives property to another person (the trustee) to hold and manage for the benefit of a third person (the beneficiary). The trustee has a fiduciary duty to manage the trust property for the benefit of the beneficiary in accordance with the … Read more

Waiver Of Notice.

A waiver of notice is a document that is signed by the beneficiaries of a trust, which states that they have been made aware of the trust and have no objections to it. This document is often used when the trust is created without the beneficiaries being present, or when the terms of the trust … Read more