An ambiguity in relation to the very foundation of the instrument itself, as distinguished from an ambiguity in regard to the construction of its terms. The term is applied, for instance, to a doubt as to whether a testator meant a particular clause to be a part of a will, or whether it was introduced […]
Category: Estate Planning
Ambiguity
Duplicity, indistinctness, or uncertainty of meaning of an expression used in a written instrument. Ambiguity of language is to be distinguished from unintelligibility and inaccuracy, for words cannot be said to be ambiguous unless their signification seems doubtful and uncertain to persons of competent skill and knowledge to understand them. It does not include uncertainty […]
Ademption
The term “ademption” refers to the extinction or withdrawal of a legacy because, by the time of the testator’s death, the money or property needed to satisfy the legacy has been destroyed, disposed of, or already given to the legatee. See Estate of Goodfellow,166 Cal. 409, 415 (1913) (“Ademption of a specific legacy is the extinction […]
Actual Seisin
“Actual seisin means possession of the freehold by the pedis positio of one’s self or one’s tenant or agent, or by construction of law-as in case of a commonwealth’s grant, a conveyance under the statute of uses-or of grant or devise where there is no actual adverse occupancy.” Carpenter v. Garrett, 75 Va. 129, 135 (1880). […]
Absolute Legal
A legacy that is given without any condition and is intended to vest immediately.
Abatement
The term “abatement” refers to the reduction in some amount that is owed, generally granted by the individual or entity to whom a debt is owed—e.g., a landlord granting abatement to the tenant in the amount of the rent owed. The term “abatement” may also be used in estate planning documents to reduce the amount […]
Beneficiary Defective Inheritor’s Trust (BDIT)
“A Beneficiary Defective Inheritor’s Trust (BDIT) is a third-party trust designed to provide a client with control and beneficial enjoyment of trust assets without compromising the trust’s transfer tax benefits and creditor protection. In a classic BDIT scenario, the client’s parent sets up a fully discretionary dynasty trust with the client as a trustee and primary beneficiary. The […]