5 by 5 Power in Trust.

“5 by 5 Power in Trust” is a term used to describe a type of trust that gives the trustee five different powers: the power to buy, sell, borrow, lease, and invest the trust property. This type of trust is often used in estate planning to give the trustee flexibility in how the trust property … Read more

Personal Representative.

A personal representative is a person who is legally appointed to manage the estate of another person who has died. The personal representative is responsible for administering the estate, which includes paying the debts of the deceased person, distributing the assets of the estate to the beneficiaries, and filing any required tax returns. If the … Read more

What Is a Notice to Creditors?

A notice to creditors is a formal notice that is given to creditors to inform them of an individual’s death and to request that they file any claims they may have against the estate. The notice may be published in a local newspaper or sent to known creditors by certified mail. The notice typically includes … Read more

See-Through Trust.

A see-through trust is a type of trust where the assets in the trust are still considered to be owned by the grantor for tax purposes. This means that the grantor is still responsible for paying any taxes on the trust assets, even though they are technically owned by the trust. See-through trusts are often … Read more

Bankruptcy Trustee Definition.

A bankruptcy trustee is an officer appointed by the court to administer a bankrupt estate. The trustee’s role is to collect and realize the assets of the estate, and to distribute the proceeds to the creditors in accordance with the priority set out in the Bankruptcy and Insolvency Act. The trustee is responsible for the … Read more

What Is Beneficial Interest?

A beneficial interest is a legal right to enjoy the benefits of property that is held in a trust or by another person for your benefit. The holder of a beneficial interest is called a “beneficiary.” A beneficial interest can be created by agreement (such as in a trust agreement) or by operation of law … Read more

What Is a Beneficiary?

A beneficiary is someone who is legally entitled to receive money or other property from a will, trust, insurance policy, retirement account, or other financial account. The person who creates the will, trust, or account (the “grantor” or “account owner”) can name any person, organization, or entity as a beneficiary. What is beneficiary abuse? Beneficiary … Read more

Curtesy Definition.

A Curtesy Definition is a legal term that refers to the right of a husband to inherit his wife’s property upon her death. This right is based on the ancient common law principle that a husband and wife are one legal entity, known as “coverture.” Under this principle, a husband was considered to be the … Read more

What Is Inherited Stock?

Inherited stock is stock that is passed down to an heir through a will or trust. The heir may receive the stock outright, or they may receive it as part of a trust. The trustee of the trust may manage the stock for the benefit of the heir, or they may sell the stock and … Read more