§ 1 Short title; definitions
§ 2 Making statutory will
§ 3 Incorporation by reference
§ 4 Shares under statutory will
§ 5 Share of spouse
§ 6 Trust for spouse and issue
§ 7 Shares of heirs when no surviving spouse
§ 8 Trust if child under specified age
§ 9 Effect of disability at distribution
§ 10 Powers of appointment
§ 11 Survival
§ 12 Appointment of personal representative or trustee
§ 13 Powers
§ 14 Bond or surety
§ 15 Uniformity of application and construction

Terms Used In Massachusetts General Laws > Chapter 191B

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Decedent: A deceased person.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Intestate: Dying without leaving a will.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.