Learn about the beneficiary of trust, an essential term in general insurance. Understand who a beneficiary is and the benefits they receive from a trust.
Learn about Devise (Estate) in estate planning, where real estate is given as a gift through a legal last will. Key insights for property bequests.
Learn about what constitutes an estate in the realm of general insurance terms. An estate includes all the property a deceased person owns at the time of their death.
Explore the concept of wage indexing in the context of estate planning. Learn how cost of living increases under social security impact your financial strategy.
Understand the significance of an emergency fund in life insurance and how it provides immediate financial relief to the beneficiaries during the time before the deceased's estate is finalized.
Learn about inter vivos trust, a legal arrangement made effective during the grantor’s lifetime. Explore its benefits, types, and application in estate planning.
Learn about Contingent Beneficiary in life insurance - a secondary beneficiary who receives benefits if the primary beneficiary is deceased at payout.
Explore the concept of Special Power of Appointment in estates, where property interest is appointed by a donee. Learn its significance and implications in estate planning.
Learn about the general power of appointment in estate planning, which allows the recipient of a property interest to pass it on to another person of their choosing.
Discover the essentials of a holographic will, a handwritten and signed document that is found to be valid and legal in estate planning.
Learn about inter vivos transfers, a legal mechanism where all or part of a person's estate is transferred before their death. Understand its implications and benefits.
Understand the concept of Qualifying Terminal Interest Property (QTIP) in estate planning. Learn about the trust offering income to a surviving spouse.
Gain insight into testamentary capacity and its importance in validating a will. Learn the legally mandated requirements needed for a testator to ensure their will is legally binding.
Learn about probate, the legal process of distributing a deceased person’s assets to creditors, the state, and beneficiaries. Understand its importance in estate planning.
Learn about the role and importance of a secondary beneficiary in life insurance policies. Discover why it's essential for ensuring benefits if the primary beneficiary cannot collect.
Learn about Joint Control in estate management, where both a bonding company and an administrative fiduciary manage estate funds. Discover how this process ensures safe handling of estate assets.
Discover the meaning and implications of a testamentary trust, a type of trust established as per a deceased person's will, and its significance in estate planning.
Learn about the delayed payment clause in life insurance plans, detailing how payouts to beneficiaries are managed in case of common disasters or other specific circumstances.
Learn about life insurance trusts, where a trust company is named as the beneficiary of a life insurance policy. Understand the benefits issued under such agreements.
Learn about the per capita distribution method in life insurance, where a beneficiary's portion of an estate is shared equally among all their heirs.
Learn what a probate bond (surety) is and its role in protecting assets during estate administration, as sometimes mandated by probate court.
Learn about Trusts (Estate) - A common arrangement where a trustee manages property for beneficiaries until a predetermined time. Discover key aspects and benefits.
Learn about adjustment income in life insurance, a crucial benefit designed to provide financial support to beneficiaries following the death of the primary wage earner.
Learn about the concept of a taxable estate, an essential term in estate planning, calculated as the adjusted gross estate minus any marital and charitable deductions.
Learn about the Unified Tax Credit (Estate), a crucial tax credit used to offset certain estate tax liabilities. Understand how it benefits taxpayers in estate planning and taxation.
Learn about the Uniform Simultaneous Death Act, a law detailing how life insurers proceed when both the insured and the beneficiary die simultaneously. Discover who receives the benefits.
Learn the meaning of 'Decedent,' a synonym for deceased, and its relevance in general insurance terminology.
Understand the role of a Joint Insured in a joint life insurance contract. Learn who qualifies as a joint insured and the advantages of such policies.
Discover the essential role of a primary beneficiary in life insurance. Learn how they are designated to receive benefits or a pay-out from an insurance policy after it becomes due.
Learn about Testamentary Transfer, the legal distribution of a deceased person’s estate as specified in their will. Understand the essentials of how assets are passed on according to a testator's wishes.
Learn about estate tax, a levy based on the value of a deceased's estate that is due to the federal government. Understand its implications for estate planning and asset distribution.
Learn about the Rule Against Perpetuities, a vital legal concept ensuring that trust beneficiaries get vested in property within 21 years to maintain validity.
Explore the concept of vested interest in estate planning, defining the right a person has to enjoy personal property now or in the future.
Discover everything you need to know about a living trust, also known as an inter vivos trust. Understand how it is created by a living person and its key benefits in estate planning.
Learn about noncupative wills, a type of testamentary document spoken by individuals close to death, and their legal implications. Discover how these verbal estate declarations work and the importance of witnesses.
An in-depth look at irrevocable trusts, which are trusts that cannot be revoked by the individual who established them.
Understand the concept of Per Stirpes distribution in life insurance, which ensures property inheritance through a beneficiary's heirs if the beneficiary predeceases the insured.
