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What does issue mean in estate planning?
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Issue. In estate planning, the term “Issue” is a legal reference describing any descendant who may be related to an estate. This could include children, grandchildren, great grandchildren, etc. Joint Ownership. Joint Ownership is a type of asset ownership used when two or more people are invested in the same asset.
New York law, EPTL § 1-2.10 Issue, defines issue as: (a) Unless a contrary intention is indicated: (1) Issue are the descendants in any degree from a common ancestor. (2) The terms “issue” and “descendants”, in subparagraph (1), include adopted children.
- Issue
- Per Stirpes
- Power of Appointment
- Settlor / Grantor / Testator / Testatrix
- Executor / Executrix / Personal Representative
Many clients read through their estate plan and walk away scratching their heads over the term “issue”. Your “issue” means your lawful blood descendants in the first, second, or any other degree. The term “child” or “children” refers to lawful blood descendants to the first degree. Do adopted children count as your issue or children? Yes. When your...
The term “per stirpes” is a Latin phrase found in many estate plans. Latin was once the universal language spoken by the educated class, including attorneys, which is why many Latin terms continue to be used in legal documents today. The literal meaning of “per stirpes” is “per branch”. Per stirpes is a method for distributing property according to...
You might notice that your trust grants a “power of appointment” to an individual, usually a beneficiary. If a person is granted power of appointment by your trust, that individual can appoint property to others, either upon the termination of their interest in the trust or other specified circumstances. The individual given the power is usually re...
All of these estate planning terms serve to name a person creating a legal document. The term used will vary depending on what legal document they are creating. A settlor or grantor is a person who creates or contributes property to a trust. A testator (male form) and testatrix (female form) are Latin terms for a person who creates a last will and ...
All of these terms have a similar meaning. An executor (male form), executrix (female form), or personal representative (gender-neutral form) all refer to a person named in a will and appointed by the court to carry out the terms of the will and to administer the deceased person’s estate. These terms are only applied to estate plans administered in...
This definition is commonly used in estate planning and inheritance matters. For instance, if a will states that an individual’s estate should be distributed equally among their issue, it means that their children and grandchildren will be entitled to a share. Importance of Understanding the Legal Definition of Issue.
- Beneficiary - A beneficiary is a person (or sometimes an institution or organization like a charity or school) you name who will ultimately benefit from some or all of your estate.
- Codicil - A codicil is simply an amendment, addition or change to part or all of a Will. It will either explain, modify or revoke aspects of an established document.
- Decedent - A decedent is someone who has passed away. In Estate Planning, it’s typically the owner of a Will, Trust, policy, plan or account. Importance to Estate Planning: Having a term like decedent is important to be able to identify the most important person involved in an Estate Plan - the person who triggers action once they pass away.
- Durable Power of Attorney (POA) - A Durable Power of Attorney (POA) grants authority to a person or institution to step in and make decisions on your behalf should you become incapacitated and unable to make them on your own.
Estate planning is simply the process of getting your affairs in order so that you make things easier for your surviving family members when the time comes. It doesn't have to be difficult, expensive, or depressing.
Feb 23, 2024 · Estate planning law governs the process of arranging the administration or transfer of a person’s estate in anticipation of incapacitation or death. An estate plan comprises a collection of documents that includes a last will and testament, power of attorney, trust, and health care directives.
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