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

Coverage for damage or destruction of property with relatively high monetary value, such as stock brokerage house and bank shipments, which involve the transfer of securities and monies to ...

Let's dive into the world of real estate and investments! Today, we'll learn about the Securities Investor Protection Corporation, or SIPC for short. This is a genuine mouthful, but this ...

Coverage providing funds for maintenance of a business as closely to normal as possible in the event of a loss of a key person, owner, or partner. ...

Tax advantages of investing in life insurance fall into two main areas: tax deferral on untaxed buildup of earnings in such cash value policies as whole life insurance and annuities, and ...

Insurance coverage for the named insured and his or her eligible dependents. ...

Damage or destruction of property and/or property that is illegally transferred as the result of misconduct of individuals. The risk is insurable. ...

Market in which sellers dominate trading and force financial asset prices down. ...

In property and casualty insurance, contract section containing such information as name, description, and location of insured property; name and address of the insured; period a policy is ...

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