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

Type of universal variable life insurance policy that provides guideline premiums to be paid usually by the policy owner. Charges on a monthly basis usually include the cost of insurance, ...

Coverage against loss as the result of a burglary. Found as part of the commercial package policy that has generally replaced the special multiperil insurance (smp) policy and the ...

Same as term Claims Made Basis: method of determining whether or not coverage is available for a specific claim. If a claim is made during the time period when a liability policy is in ...

Sum total of all assets owned by the decedent to include personal property, real property, and trust property. ...

Same as term Bankers Blanket Bond: coverage for a bank in the event of loss due to dishonest acts of its employees or individuals external to the bank. For example, if a teller goes to ...

Compensation to an agent in the same absolute dollar amount, regardless of the type of insurance policy sold. Contrast with graded commission. ...

Widely accepted standard policy forms that have been developed by various rating bureaus or insurance companies. Some forms are required by state law, and some are used by custom. In some ...

Coverage for extra expenses associated with the reconstruction of a damaged or destroyed building where zoning requirements mandate more costly construction material. This endorsement is ...

Care in a sanitarium, nursing home, or other facility designed to provide custodial care on behalf of the mental and physical well-being of the patient. The cost may or may not be provided ...

Popular Insurance Questions