Revocable Trust - Law Dictionary Search Results
Home Dictionary Name: revocable trust Page 1 of about 9 results ( seconds)revocable trust
revocable trust see trust ...
trust
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...
power
power 1 : capability of acting or of producing an effect [parties of unequal bargaining ] 2 a : authority or capacity to act that is delegated by law or constitution often used in pl. commerce power often cap C&P : the power delegated to Congress under Article I, Section 8 of the U.S. Constitution to regulate commerce esp. among the states see also commerce clause concurrent power : a power that is held simultaneously by more than one entity ;specif : a power delegated to the federal government by the U.S. Constitution that is also held by the states enu·mer·at·ed powers [i-nü-mə-rā-təd-, -nyü-] : the powers specifically named and delegated to the federal government or prohibited to be exercised by the states under the U.S. Constitution compare reserved powers in this entry executive power : the power delegated to the executive of a government ;specif : any or all of the powers delegated to the president under Article II of the U.S...
Agency, Deed of
Agency, Deed of, a revocable and voluntary trust for payment of debts, Consult Lewin on Trusts....
Charitable uses and trusts
Charitable uses and trusts. 9 Geo. 2, c. 26, commonly called 'The Mortmain Act,' 1735, after reciting that ifts or alienations of land in mortmain (see MORTMAIN) were prohibited by Magna Charta and other whole-some laws as prejudicial to the common utility, and that such public mischief had greatly increased by many large and improvident dispositions, made by languishing or dying persons to charitable uses, to take place after their deaths to the disherison of their lawful heirs, enacted that no lands or other hereditaments whatsoever, nor money, or personal estate to be laid out in land should be given to any person or bodies corporate, or charged by any person in trust, for any charitable uses, unless such gift, etc., should be made by deed (thus entirely excluding gifts by will) executed twelve months before the death of the donor and be enrolled in the court of Chancery within six calendar months after execution, and be without any power of revocation for the benefit of the donor.T...
Revocation of agency
Revocation of agency. An agency is dissolved or determined in several ways:-(I) by the act of the principal, either(a) Express, as(1) By direct and formal writing, publicly a advertised;(2) By informal writing to the agent privately;(3) By parol; or(b) Implied from circumstances as by appointing another person to do the same act, where the authority of both would be incompatible.The exceptions to the power of the principal to revoke his agent's authority at mere pleasure are--(1) When the principal has expressly stipulated that the authority shall be irrevocable, and the agent has also an interest in its execution.(2) Where an authority or power is coupled with an interest, or is given for a valuable consideration, or is a part of a security, unless there is an express stipulation that it shall be revocable.(3) When an agent's act in pursuance of his authority has become obligatory, for nemo potest mutare consilium suum in alterius injuriam.(II.) By the agent's giving notice to his pri...
Possibility on a possibility
Possibility on a possibility. Lord Coke lays it down as a rule that the event on which a remainder is to depend must be a common possibility, and not a double possibility, or a possibility on a possibility, which the law will not allow. Thus he tells us that the chance that a man and a woman, both married to different persons, shall themselves marry one another is but a common possibility. But the chance that a married man shall have a son named Geoffrey is stated to be a double or remote possibility; see Williams on Real Property; 2 Rep. 51 a; 10 Rep. 50 b; Co. Litt. 184 a. The idea that there cannot be a possibility and a possibility seems to have been a conceit invented by Popham, C.J., but it was never really intelligible, Whitby v. Mitchell, (1890) 44 Ch D p. 92, per Lindley, LJ, and never applied to trusts of personal estate [Re Bowles, (1902) 2 Ch 650]. It gave rise, however, to the rule, now well settled in regard to limitations and trusts of realty created by instruments comin...
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...
will
will 1 : the desire, inclination, or choice of a person or group 2 : the faculty of wishing, choosing, desiring, or intending 3 : a legal declaration of a person's wishes regarding the disposal of his or her property after death ;esp : a formally executed written instrument by which a person makes disposition of his or her estate to take effect after death see also codicil, living will, testament antenuptial will : a will that was executed by a person prior to that person's marriage and is usually revocable by the court if no provision was made for the person's spouse unless an intention not to make such a provision is manifest conditional will : a will intended to take effect upon a certain contingency and usually construed as having absolute force when the language pertaining to the condition suggests a general purpose to make a will counter will : mutual will in this entry holographic will : a will written out in the hand of the testator and accepted as valid in many sta...
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