Glossary Archive

Intestacy laws govern the distribution of a deceased person's assets when they die without a valid will. These laws vary by jurisdiction but generally follow a hierarchy of heirs and prescribe how property should be divided among surviving relatives. In the absence of a will, intestacy laws typically prioritize the deceased's immediate family. For example,...

An Intestate individual is someone who dies without having created a valid will or estate plan to dictate the distribution of their assets. In such cases, the estate is subject to the laws of intestacy, which vary by jurisdiction. When a person dies intestate, their assets are distributed according to state law rather than their...

Intestate succession is the legal process by which property and assets are distributed when an individual dies without a valid will. This process is governed by state laws, which stipulate how the deceased's estate will be divided among surviving relatives. In most jurisdictions, including Texas, intestate succession typically follows a hierarchy of heirs. The primary...

Investment Property Analysis Agreement An Investment Property Analysis Agreement is a contractual arrangement between a client (often a real estate investor) and a professional service provider (such as a real estate analyst, appraiser, or consultant) to evaluate the financial and operational aspects of a specific investment property. This agreement outlines the responsibilities and expectations of...

An Irrevocable Charitable Trust is a type of trust that, once established, cannot be altered, modified, or terminated by the grantor. This trust is designed to benefit a charitable organization or purpose, providing both philanthropic and tax advantages. The Irrevocable Charitable Trust is typically created during a grantor's lifetime and is funded with assets such...

An Irrevocable Funeral Expense Trust is a specialized financial arrangement designed to set aside funds specifically for covering funeral and burial expenses. This type of trust is established with the intent that the assets placed in it cannot be withdrawn or modified by the grantor once it is funded. The primary purpose of an Irrevocable...

An Irrevocable Funeral Trust is a specialized financial arrangement designed to cover the anticipated costs of funeral services and related expenses, which is created to be unchangeable once established. This type of trust is funded with assets that are transferred by the grantor (the person who establishes the trust) into the trust. Once the assets...

An Irrevocable Gifting Arrangement is a legal structure through which an individual (the donor) transfers assets to another party (the recipient) with the stipulation that the arrangement cannot be altered or revoked by the donor once established. This type of arrangement is often utilized in estate planning and tax strategy to remove assets from the...

An Irrevocable Gifting Trust is a type of trust used in estate planning that allows a grantor (the person creating the trust) to transfer assets into the trust while relinquishing control and ownership of those assets. Once the assets are placed in the trust, the grantor cannot alter the trust terms or reclaim the assets,...

An Irrevocable Life Insurance Trust (ILIT) is a specialized type of trust designed to hold a life insurance policy outside of the insured's estate for estate tax purposes, ensuring that the death benefit can be distributed to beneficiaries without being subject to estate taxes. An ILIT is created by a grantor who transfers ownership of...