A trust which may not be revoked after its creation as in the case of a deposit of money by one in the name of another as trustee for the benefit of a third person (beneficiary).
Living Will
A living will is a short document that basically states: "If the situation should arise in which there is not a reasonable expectation of my recovery from physical or mental disability, I request that I be allowed to die and not be kept alive by...
Passive Investment
A passive investment is one where the trustee has no ongoing management responsibilities. Passive investments include bank accounts, stocks and bonds, and limited partnerships.
Per Stirpes
By roots or stocks; by representation. This term, derived from the civil law, is much used in the law of descents and distribution, and denotes that method of dividing an intestate estate where a class or group of distributees take the share...
Personal Property
Generally, all property other than real estate. In a broad and general sense, everything that is the subject of ownership, not coming under denomination or real estate, such as cash, automobiles, stocks, household furnishing, and clothing, etc.
Pour-over Will
A provision in a will which directs the distribution of property into a trust.
The Pour-over Will is also used for the nomination of guardians for any minor children.
Principal
Property as opposed to income. The term is often used to designate the corpus of assets of a trust. If, for example, G places real estate in trust with income payable to A for life and the remainder to B upon A's death, the real estate is the...
Principal of Representation
The principle upon which the issue of a deceased person take or inherit the share of an estate which their immediate ancestor would have taken or inherited, if living; the taking or inheriting per stirpes.
Quasi-Community Property
Property acquired while living outside the State of California while married, which would have been Community Property if it had been purchased while the couple was living in California.
Real Property
Land, and generally whatever is erected or growing upon or affixed to land. Also rights of issuing out of, annexed to, and exercisable within or about land.