Estate Planning Distribution

Definition of "Estate planning distribution"

Camille  Dandola real estate agent

Written by

Camille Dandolaelite badge icon

Coldwell Banker American Homes

Plan that involves distribution of property by living hand and distribution of property after the death of its owner. Distribution by living hand can take the form of an outright gift, a grant of limited property interest, or a gift in trust. Distribution at death can be accomplished through a will or, if there is no will, as directed by state law. Common terms include:

  1. Beneficiary of Trust person who receives the benefits of the trust.
  2. Life Estate property that can be used in any manner that pleases the donee during his/her life. Upon the death of the donee, the property reverts to the donor or the donor's estate.
  3. Living Trust property distributed by living individuals.
  4. Personal Trust one in which an owner of property gives it to another person to safeguard, hold, and use for the benefit of a third party.
  5. Power of Appointment owner of a property grants the right to another person to decide who should receive title to the property.
  6. Tenancy donee has the right to use property and to receive income it generates for a limited time, whereupon the property reverts to the owner.
  7. Testamentary Trust property disposed at the death of the trustor, who has previously described what property is to be placed in the trust, how it is to be managed, and who is to be the trustee. The trustor can change the provisions of the trust by a will. But at the death of the trustor, the testamentary trust becomes irrevocable.
  8. Trustee person to whom a trustor transfers property. The trustee is obligated to safeguard, manage, and use the property in accordance with the terms and conditions of the trust.
  9. Trustor individual who puts his/her thoughts in writing concerning the terms of the trust and the process of transferring the property to the trustee.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Federal statute that permits the self-employed a 100% tax deduction for the family health care expenses to include health insurance premiums, disability INCOME insurance premiums, and ...

One that combines the two forms of ownership, stock and mutual. A stock insurance company is owned by stockholders, whereas a mutual insurance company is owned by its policyholders. A mixed ...

Method for triennial examination of insurance companies as established by the national association of insurance commissioners (NAIC). Teams are composed of representatives from several ...

In some states, principle of tort law providing that in the event of an accident each party's negligence is based on that party's contribution to the accident. For example, if in an auto ...

Addition to the pure cost of insurance that reflects agent commissions, premium taxes, administrative costs associated with putting business on an insurance company's books, and ...

1% of the loan amount paid to the lender for making a loan. ...

Assumption of total disability when an insured loses sight, hearing, speech, or a limb. When such a loss occurs to an insured with disability income insurance, the insurer often assumes ...

Single limit insurance program remaining in force for several years as compared with traditional insurance programs where there is a series of annual limits. The LUMP insurance program is ...

Removal of money from an individual life insurance policy or an employee benefit plan. A cash withdrawal from a life insurance policy reduces the death benefit by the amount of the ...

Popular Insurance Questions