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This guide will provide you with a basic list and description of various print and online resources related to wills, trusts, and estate planning. Each section will contain both national and Oklahoma resources.
Black's Law Dictionary - Definitions
The list below defines common estate planning terms.
- The right, enforceable solely in equity, to the beneficial enjoyment of property to which another person holds the legal title; a property interest held by one person (the trustee) at the request of another (the settlor) for the benefit of a third party (the beneficiary). • For a trust to be valid, it must involve specific property, reflect the settlor's intent, and be created for a lawful purpose. The two primary types of trusts are private trusts and charitable trusts."Black’s Law Dictionary (9th ed. 2009), available at Westlaw BLACKS.
- The legal expression of an individual's wishes about the disposition of his or her property after death; esp., a document by which a person directs his or her estate to be distributed upon death <there was no mention of his estranged brother in the will>. — Also termed testament; will and testament; (archaically)testamentary instrument." Black’s Law Dictionary (9th ed. 2009), available at Westlaw BLACKS.
- The preparation for the distribution and management of a person's estate at death through the use of wills, trusts, insurance policies, and other arrangements, esp. to reduce administration costs and transfer-tax liability. Black’s Law Dictionary (9th ed. 2009), available at Westlaw BLACKS.
- A branch of law that involves the arrangement of a person's estate, taking into account the laws of wills, taxes, insurance, property, and trusts." Black’s Law Dictionary (9th ed. 2009), available at Westlaw BLACKS.
- Loosely, a personal representative's actions in handling a decedent's estate. Black’s Law Dictionary (9th ed. 2009), available at Westlaw BLACKS.