Estate Planning Distribution
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:
- Beneficiary of Trust person who receives the benefits of the trust.
- 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.
- Living Trust property distributed by living individuals.
- 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.
- Power of Appointment owner of a property grants the right to another person to decide who should receive title to the property.
- 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.
- 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.
- 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.
- 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.
Popular Insurance Terms
Several insurance companies under common ownership and, often, common management. ...
Describing a risk whose probability of loss is less than the norm or the standard expectation of loss for that underwriting classification. ...
Exceptions to coverage. There is no obligation for an insurance company to pay a claim if: the loss is not covered by a policy, or a particular person is not included in the definition of ...
Health insurance that provides coverage for physicians' fees for all services, with the exception of surgeons' fees. ...
Coverage for equipment normally carried from location to location by a physician or surgeon; written on an all risks basis to include supplies and scientific books used in medical practice. ...
Attachment to an insurance policy to complete its coverage. For example, the Standard Fire Policy must have certain forms attached for it to provide the coverage desired. ...
Section of some inland marine insurance {transportation insurance) and many other property insurance policies excluding coverage for damage to shipped goods by vermin such as rats. ...
Policy provision designed to restore an insured to his or her original financial position after a loss. The insured should neither profit nor be put at a monetary disadvantage by incurring ...
Use of a home, and the land and buildings surrounding that home, free from the claim of creditors. This right gives rise to an insurable interest. ...

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