Lifetime - Law Dictionary Search Results
Home Dictionary Name: lifetimetrust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Donatio mortis causa
Donatio mortis causa, a gift of personal property in prospect of death; a death-bed disposition; an inchoate gift of personalty consummated by the giver's death.It is derived from the Civil Law; Justinian's Inst. Lib. 2, tit. 7, shows its nature. To render this kind of gift valid, it (1) must be made by the giver, when ill, in anticipation of his death; (2) must be intended to take effect only upon his death by his existing illness, for his recovery from that illness, or his subsequent personal revocation of the gift, as by resuming its possession, will defeat it; and (3) a traditio or delivery, either actual or symbolical, of the subject of the gift, or of the instrument which represents it, must be made to the donee, either for his own use, or upon trust for another person, or for a particular purpose. The gift of a cheque upon the donor's banker is not good as a donatio mortis causa, because it is a gift which can only be made effectual by obtaining payment of it in the donor's life...
Dower
Dower [fr. dos, dotis, Lat., a marriage gift; dotare dower, Fr., endow, to furnish with a marriage portion. Dotarium, M. Lat., dotaire, Prov.; douaire, Fr.; a dowry of marriage provision; douairiere, a widow in possession of her portion, a dowager], the right which a wife has in the third part of the lands and tenements of which her husband dies possessed in fee-simple, fee-tail general, or as heir in special tail, which she holds from and after his decease, in severalty by metes and bounds, for her life, whether she have issue by her husband or not, and of what age soever she may be at her husband's decease, provided she be past the age of nine years.The legal estate in dower (being an estate for life) has been abolished and converted into an equitable interest (ibid.), (English) L.P. Act, 1925, s. 1; it can only arise in respect of deaths after 1925 in case the deceased husband was a lunatic or defective on January 1st, 1925, and died without regaining testamentary capacity or before...
Presentation
Presentation, the offering by the patron of a benefice to the ordinary of a person to be instituted to the benefice. It must be in writing (29 Car. 2, c. 3), and is in the nature of letters-missive to the ordinary.The sovereign, as protector ecclesi', is the patron paramount of all benefices which do not belong to other patrons, and usually presents by letters-patent (26 Hen. 8, c. 1; 1 Eliz. c. 1).As to other patrons, the right of presentation is sometimes confounded with that of nomination; but presentation is the offering a person to the bishop, while nomination is the offering such a person to the patron. These two rights may co-exist in different persons; thus where an advowson is vested in trustees or mortgagees they have the right of presentation, while the right of nomination is in the cestui que trust, or mortgagors, but the trustees or the mortgagee must judge of the qualification of the nominee, Mirehouse on Advowsons, 136.A bishop has, by Canon 95 (which abridged the period...
annuity
annuity pl: -ities [Medieval Latin annuitas, from Latin annuus yearly] 1 : an amount payable at regular intervals (as yearly or quarterly) for a certain or uncertain period 2 : the grant of or the right to receive an annuity [his will included annuities for several old friends] 3 : a contract (as with an insurance company) under which one or more persons receive annuities in return for prior fixed payments made by themselves or another (as an employer) annuity cer·tain pl: annuities certain : an annuity payable over a specified period even if the annuitant dies annuity due pl: annuities due : an immediate annuity in which the payment of the benefits is made at the beginning of each payment interval rather than at the end contingent annuity : an annuity whose starting or ending date depends on the occurrence of an event (as the death of the annuitant) whose date is uncertain con·ven·tion·al annuity : an annuity under which the annuitant receives a specified...
beneficiary
beneficiary pl: -ries : a person or entity (as a charity or estate) that receives a benefit from something: as a : the person or entity named or otherwise entitled to receive the principal or income or both from a trust compare settlor, trustee contingent beneficiary : a beneficiary that may receive proceeds from a trust depending on the occurrence of a specified event (as the death of another beneficiary) income beneficiary : a beneficiary that according to the provisions of a trust is to receive income but not the principal of the trust NOTE: A trust may provide for income to be paid to someone (as a spouse) for his or her lifetime and then for payment of the principal to another person. A trustee is sometimes allowed to distribute some of the principal of the trust to an income beneficiary when necessary for the support of the beneficiary if support of the beneficiary was the purpose of the trust. b : the person or entity named by the insured of a life insurance policy to r...
enjoyment
enjoyment : personal benefit, use, or possession (as of rights or property) [widows and widowers were relegated to lifetime of the marital estates "W. M. McGovern, Jr. et al."] ;specif : the receipt of the fruits or profits of property see also right of use, usufruct ...
freeze
freeze froze fro·zen freez·ing 1 : to cause to become fixed, immovable, unavailable, or unalterable [ interest rates] 2 : to immobilize (as by government regulation or the action of a financial institution) the expenditure, withdrawal, or exchange of [ foreign assets] 3 : to restructure (the capital of a close corporation) so that the value is reflected mostly in preferred stock rather than common stock NOTE: Once capital is frozen, the common shares can be transferred to the heirs of the owner without taxation while the owner continues to enjoy the income from preferred stock dividends during his or her lifetime. freeze n ...
gift
gift 1 : an intentional and gratuitous transfer of real or personal property by a donor with legal capacity who actually or constructively delivers the property to the donee with the intent of giving up dominion over the property and investing it in the donee who accepts it ;broadly : a voluntary transfer of property without compensation see also delivery compare donation, sale class gift : a usually testamentary gift of a sum to a group of unspecified persons whose number and identity and share of the gift will be determined sometime in the future (as at the death of the donor) com·plet·ed gift : a gift in which the dominion and control of the property is placed beyond the donor's reach gift cau·sa mor·tis [-kȯ-zə-mȯr-tis, -ka-sÄ -mȯr-tēs] pl: gifts causa mortis : a gift of esp. personal property made in contemplation of impending death that is delivered with the intent that the gift take effect only in the event of the donor's...
gift tax
gift tax : an excise tax imposed on a donor for gifts of property made during the donor's lifetime see also annual exclusion, gift split gift at gift, unified transfer tax compare death tax, estate tax, generation-skipping transfer tax ...
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