Property and Trust Law

The priority of a maritime lien depends on the type of lien. Some maritime liens have priority over mortgages, while others do not.

A maritime lien gives the lienholder the right to seize and sell the vessel.

A conservation easement is a legal agreement that permanently restricts the use of land in order to protect its natural resources and environmental value. It is a common tool used in estate planning to ensure that land is preserved in its natural state, even after the owner's death.

Descent is the term used to describe the transfer of ownership of real property from one person to another at death. It occurs when a person dies without a will, or when a will does not effectively dispose of all of the person's real property.

Joint tenancy is a common estate planning technique used to avoid probate. In a joint tenancy, two or more people hold title to real property jointly. When one joint tenant dies, their share of the property automatically passes to the surviving joint tenant(s), without going through probate.

Probate is the term used to describe the process of administering an estate after a person's death. It involves the following steps: identifying and valuing the estate's assets, paying the estate's debts and taxes, and distributing the remaining assets to the beneficiaries.

A revocable trust is a common type of trust used in estate planning. It allows a person to transfer assets to a trust during their lifetime, while retaining the right to change or revoke the trust at any time. Revocable trusts are often used to avoid probate and to provide for the management of a person's assets during their incapacity.

An executor is a person who is appointed to manage and distribute the assets of an estate. They are responsible for carrying out the terms of the will and ensuring that the estate is properly administered.

Distribution is the term used to describe the process of dividing an estate's assets among the beneficiaries. It occurs after the estate's debts and taxes have been paid.

Real property, personal property, and intellectual property are all common types of property that are often included in an estate plan. Real property includes land and buildings. Personal property includes tangible items such as furniture, jewelry, and vehicles. Intellectual property includes intangible assets such as patents, copyrights, and trademarks.

A beneficiary is a person who receives property from an estate. They are typically named in the will of the deceased person.

The takings clause of the Fifth Amendment prohibits the government from taking private property without just compensation.

A Power of Attorney is a legal document that gives someone the authority to act on your behalf in financial or legal matters. It is not an estate planning document.

A living trust is not a type of trust. It is a legal arrangement in which you transfer assets to a trust during your lifetime, rather than after your death.

Having a will does not reduce estate taxes. Estate taxes are imposed on the value of your estate after your death. The amount of estate taxes you owe depends on the value of your estate and the applicable estate tax laws.