The Swier Law Firm Estate Planning and Probate Law FAQs

What Does Disposition and Dispositive Provisions Mean In Estate Planning?

The instructions for distribution or transfer or property or money, generally by a bequest through a will or trust.  The parts of a document that say who will get what, how and when are referred to as the dispositive provisions.

Example Of Disposition and Dispositive Provisions In Regards To Estate Planning

The dispositive provisions of my mom’s will say that I can only receive one-fourth of my inheritance now.  I need to wait for the rest and won’t receive it all until I’m 50!  This is so unfair.

What Does Disclaimer Mean In Estate Planning?

You cannot be forced to accept an inheritance and there are many reasons why you may not want to accept.  If you don’t want to accept you can disclaim your interest.  

Disclaimers usually have time limits (generally 9 months), you cannot have accepted any part of benefit of the inheritance, you must disclaim all of it from one source (you can disclaim from the will but take life insurance) and you cannot say what happens to it.

Example Of Disclaimer In Regards To Estate Planning

My dad’s estate is supposed to be split among myself and my two siblings.  I am currently in the middle of filing for bankruptcy and I know that if I was to take that inheritance it would immediately be used to pay off some of my debts.  I think I will disclaim my inheritance and let my two siblings divide dad’s estate between the two of them.  I won’t benefit, but at least my siblings can enjoy it instead of my creditors taking it all.

What Does Disinherit Mean In Estate Planning?

To prevent someone from inheriting (getting money or assets) from you at your death.  (You cannot always disinherit someone.)

Example Of Disinherit In Regards To Estate Planning

My parents are so mad at my brother that they have threatened to disinherit him.  They have an appointment coming up with their estate planning attorney so I think they may actually write him out of their wills.

What Are Warranty Deeds In Estate Planning?

Used to transfer real estate while also guaranteeing that title is free and clear of encumbrances. If defective, the person making the transfer (selling) will be liable to clear any issues.  Often title insurance is purchased for protection against defective title.

Example Of A Warranty Deeds In Estate Planning

When we bought our house, the seller provided a warranty deed and assured us there were no easements on the property.  It turns out he sold rights for the electric company to have an easement to run power lines across our backyard.  This wasn’t found in the title search.  Good thing we have title insurance.

What Is A Quitclaim Deed In Estate Planning?

Used to transfer title to real estate without guarantees or warranties.  The property is transferred “as is”.

Example Of A Quitclaim Deed In Regards To Estate Planning

Used to transfer title to real estate without guarantees or warranties.  The property is transferred “as is”.

What Is A Deed In Estate Planning?

A legal document generally used to transfer real estate.

Example Of Deed In Regards To Estate Planning

We bought our house through an estate sale so the estate was not able to provide any guarantees or warranties about the property and had to transfer us title using a quitclaim deed.  I guess this is common when you purchase real estate from an estate.

What Does Decedent or Deceased Mean In Estate Planning?

Someone who has died.

Example Of Decedent or Deceased In Regards To Estate Planning

The attorney for my dad’s estate kept telling me that I needed to find all the assets held in the name of the decedent.  I didn’t know what she was talking about until she explained that the decedent was my dad, the person who has died.

 What Does Custodian or Conservator Mean In Estate Planning?

A person appointed to manage the assets of a minor.  This could be the same person as the guardian or different.

Example Of Custodian or Conservator In Regards To Estate Planning

My brother appointed me to be the conservator of my nephew’s inherited assets until my nephew becomes an adult, my sister is his guardian, but I am his conservator.

What Does Contest Mean In Estate Planning?

To dispute or challenge a document.

Example Of Contest In Regards To Estate Planning

My brother was mad that mom wrote him out of her will, so he is trying to contest her will to say that she didn’t really sign it.

What Does Community and Marital Property Mean In Estate Planning?

A legal distinction at the state level which says that property acquired during a marriage is owned equally by both spouses.  South Dakota is not a community property state, but does allow the option of setting up a community property trust.

Example Of Community Property and Marital Property In Regards To Estate Planning

My parents are residents of California, which is a community property state. So even though my dad purchased a rental property in South Dakota in his name, my mom automatically owns half of the property and half of the income or debts that go along with it.