ESTATE ADMINISTRATION

Estate administration refers to the process of collecting and managing the estate, paying any debts and taxes, and distributing the remaining property to the heirs of the estate.

INCORPORATION OF TRUSTS, COMPANIES AND LEGAL ENTITIES

A corporation, usually a trust company, which is named as the trustee of a private trust or other fiduciary account. Incorporated trustees stand in contrast to an individual person or "natural trustee," who may also be selected as the trustee of such an account.

TRANSFERS AND TRANSFERS OF PROPERTY

To remove or convey from one place or person to another. The removal of a case from one court to another court within the same system where it might have been instituted. An act of the parties, or of the law, by which the title to property is conveyed from one person to another.

Transfer of Property

The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. ... According to the Act, 'transfer of property' means an act by which a person conveys property to one or more persons, or himself and one or more other persons.

INSOLVENCIES

Insolvency is the state of being unable to pay the money owed, by a person or company, on time; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.

THIRD -PARTY CLAIMS

A claim made by a defendant within existing legal proceedings seeking to enjoin a person not party to the original action, to enforce a related duty. Related Terms: Third Party. Also referred to as third party proceedings.

COLLECTIONS

  1. In General, this is a process for recovering delinquent amounts owed to a firm by a customer.
  2. In Banking: this is the (1). presenting a check or draft as payment, then as a receipt of its amount in cash or as a credit to the account; (2). moving of delinquent or pastdue accounts for full or partial recovery of the amount to a collection agency or a special department set up for collections purpose.
  3. In Foreign trade, this is a procedure for a global banking system acting on behalf of an exporter or seller, to collect payment as cash or as a time draft from the importer or buyer. In return, the bank receives documents necessary to take delivery of the items ordered.

TRUSTS

A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. In finance, it can also be a type of closed-end collective investment fund built as a public limited company.

FINANCIAL (ESTATE) PLANNING

Estate planning is the act of preparing for the transfer of a person's wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one's estate.

It is important for you to make a will because if you do not, and die without a will, the law on intestacy decides what happens to your property. A will can ensure that proper arrangements are made for your dependants and that your property is distributed in the way you wish after you die, subject to certain rights of spouses/civil partners and children.

SETUP OF WILLS

Reasons for making a will

It is important for you to make a will because if you do not, and die without a will, the law on intestacy decides what happens to your property. A will can ensure that proper arrangements are made for your dependants and that your property is distributed in the way you wish after you die, subject to certain rights of spouses/civil partners and children.

It is also advisable to complete and keep updated a list of your assets. You can use a form such as our form, Where my possessions are kept. It will make it easier to identify and trace your assets after you die. You should keep the list in a safe place.

MARRIAGE CONTRACTS

A contract between prospective husband and wife, or during the marriage, and which settles in whole or in part, their respective rights and obligations as regards the marriage. Related Terms: Marriage. Also a marriage agreement.

CORPORATE CONTRACTS

A corporation is a legal entity created through the laws of its state of incorporation, treating a corporation as a legal "person" that has standing to sue and be sued, distinct from its stockholders. Corporations are taxable entities that are taxed at a lower rate from individuals...