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

Conditions found in employee benefit plans such as pensions, under which minimum requirements, such as 20 years of service, must be met by an employee to qualify for benefits. ...

Ruling that, under current tax law, if an insurance company is to use a loss carryforward accounting adjustment, the company must first offset a net income loss in a specified time period ...

State laws based on a model law of the National Association of Insurance Commissioners (NAIC) that allow insurers to set rates independently; or adopt those rates developed by a rating ...

Index that traces the construction of new single-family homes, townhouses, and multifamily apartment buildings. These statistics are published monthly by the United States Department of ...

INSURANCE health insurance policy providing coverage for an insured's medical expenses except those that are specifically excluded. This may be the most advantageous medical expense policy ...

Same as term Automobile Assigned Risk Insurance Plan: coverage in which individuals who cannot obtain conventional automobile liability insurance, usually because of adverse driving ...

Person who transfers rights under an insurance or mortgage contract. ...

Reserve at the beginning of the policy year that is equal to the terminal reserve for the preceding year plus the net level premium for the current year. ...

Type of major medical deductible amount that acts as a corridor between benefits under a basic health insurance plan and benefits under a major medical insurance plan. After benefits are ...

Popular Insurance Questions