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

Benefit in disability income insurance whereby an injured or ill wage earner receives a monthly income payment to replace a percentage of his or her lost earnings. ...

Amount paid to an insurer. Determination of the actual cost (not the price paid) of a life insurance policy has been widely discussed for many years in life insurance and consumer circles. ...

1970 federal law that requires shipowners to clean up or pay for the cleanup of waters polluted by discharges from their ships. Shipowners may be refused navigation privileges if they ...

Facilities for senior adults who pay an entrance fee to move into the facility as well as a monthly fee. The adults receive, in return, a place to live and long-term care usually for the ...

Correction of a contract containing a mistake in order to prevent a party to that contract from gaining from that mistake. For example, if $1,000,000, instead of the correct amount of ...

Highly visible form of marketing communication with the public with these objectives: (1) encourage agents and brokers to sell insurance company products, (2) predispose customers to be ...

Life insurance policy clause. If at the end of the grace period the premium due has not been paid, a policy loan will automatically be made from the policy's cash value to pay the premium. ...

Unit of the life office management association (LOMA), which prepares and administers educational materials for the Fellow Life Management Institute (FLMI) Program. Upon successful ...

Type of endowment insurance that matures at a stipulated retirement age and whose purpose is to provide retirement income to the insured. ...

Popular Insurance Questions