Gifts During Life - I

An intentional transfer of property made from the generosity of the transferor is known as a gift. The person who makes a gift is known as the donor. The person who receives a gift is known as the donee.

Healthcare Power of Attorney Formalities

There are a few technical requirements with which you must comply before a healthcare power of attorney will be considered legally valid and binding.

Revoking a Will, Methods

As a general rule, a will can be changed or cancelled at any time before the testator's death. A will may be revoked (i.e., recalled or cancelled). This article discusses methods for revoking a will.

Descent and Distribution, Generally

Traditionally, a state statute of descent and distribution provides the order of preference for disposal of an intestate's net estate. As a general rule, the person or persons with the highest rank in the order of preference who survive the intestate take all of the intestate's net estate.

Trust Elements - A Settlor With Intent

A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary.