Glossary Archive

A Trustee Successor is an individual or institution designated to assume the responsibilities of managing a trust when the original trustee is unable or unwilling to continue in that role. This may occur due to various circumstances such as the original trustee's death, incapacity, resignation, or removal.   The primary duty of a Trustee Successor...

The Trustee’s Duty of Loyalty is a fundamental principle in trust law that mandates a trustee to act in the best interests of the trust and its beneficiaries, prioritizing their interests above personal gains or conflicts. This duty requires the trustee to avoid any self-dealing or conflicts of interest that may compromise their impartiality and...

The trustor is an individual or entity that creates a trust by transferring assets into it. The trustor is also commonly referred to as the "grantor," "settlor," or "creator" of the trust. In the context of estate planning, the trustor establishes the terms of the trust, defining how the assets will be managed, who will...

Trustor’s Revocation Rights The Trustor’s Revocation Rights refer to the legal authority of the trustor (also known as the grantor or settlor) to terminate or revoke a trust they have created during their lifetime. These rights are particularly relevant in the context of revocable trusts, which are designed to offer flexibility and control to the...

Trusts A trust is a fiduciary arrangement whereby one party, known as the trustor or grantor, transfers assets to a second party, called the trustee, who manages those assets on behalf of a third party, referred to as the beneficiary. Trusts are commonly used in estate planning to control the distribution of assets, minimize estate...

Turnkey Construction Agreement A Turnkey Construction Agreement is a type of contract in which a construction company or contractor agrees to deliver a complete and fully operational project to the client. The term "turnkey" implies that the client can simply "turn the key" and begin using the facility or structure upon completion, as all aspects...

Turnkey Real Estate Agreement A Turnkey Real Estate Agreement is a contract that outlines the terms under which a property is sold in a fully renovated, ready-to-use state. The term "turnkey" indicates that the buyer can simply "turn the key" and immediately occupy or rent the property without needing any additional renovations or repairs. Such...

Two-Track Mediation Process The Two-Track Mediation Process is a structured approach to dispute resolution where two distinct but interconnected paths are followed to facilitate negotiation and agreement between parties. This method is commonly used in complex disputes, particularly in family law, business disagreements, or estate matters, where resolving multiple issues may require different strategies. The...

UCC Financing Statement A UCC Financing Statement is a legal document that a creditor files to give public notice of a secured interest in a debtor's personal property. This statement is filed under the Uniform Commercial Code (UCC), which provides a standardized set of rules governing commercial transactions in the United States. The primary purpose...

Unclaimed Property Compliance Agreement An Unclaimed Property Compliance Agreement is a legal contract between a business and a state or regulatory authority to ensure adherence to laws regarding unclaimed property. Unclaimed property refers to assets that have remained inactive or unclaimed by the owner for a specified period, typically defined by state law. This can...