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The modern approach under the Rule Against Perpetuities that measures validity of interests not by  the  what-might-happen rule but by what in fact does happen.

Wandry v. Commissioner, T.C. Memo, 2012-88.

United States Tax Court issued a memorandum opinion upholding the use of a defined value formula clause to fix the value of the donor’s gift for federal gift tax purposes. 


A reform of the common law rule against perpetuities based on waiting to see if the interest actually vests or fails on time.

Waiting Period

The time that must elapse before benefits begin, during which time the policy is in effect, but no benefits will be paid.  It is sometimes used instead of the phrase “elimination period.”  A waiting period can also be the period of time an employee must wait before they are eligible to enroll in the group plan.  It is sometimes used instead of teh phrase probationary period.

Waiver of Premium

This is a policy rider.  The insurer waives premium payments after the insured has been totally disabled (as defined in the policy) for a specified period of time, usually three or six months.  If the insured remains totally disabled, no furthe premium payments will be required from the insured.  The insurer will pay the premiums until the insured reaches an age stipulated in the contract.  It the insured recovers from the disability, then he/she will resume paying the premiums.

Walton GRAT

The Walton case (Walton v. Com., (2000) 115 T.C. 589), which sets forth how to reduce the gift element of a Grantor Retained Annuity Trust (a “GRAT” herein) to near zero, and the subsequent acceptance thereof by the IRS as announced in Notice 2003-72, 2003-2 CB 964, added a powerful tool to the estate planner’s toolbox.


A person for whom a guardian has been appointed.


Misuse or neglect of property by a legal life tenant which may be actionable by the remainderman.


Wealth Docx.

Wealth Counsel

Group of estate planning attorneys.  They create and use the WealthDocx document preparation software.  They were founded by a group of attorneys who left the NNEPA.


Welfare and Institutions Code; Women, Infants, and Children.

Widow’s Election

Applies to a surviving spouse of either gender, and implies that the decedent put the survivor to an election, usually to give up property in exchange for benefits under the decedent’s will, typically giving up a remainder in the survivor’s property in trade for a life estate in the decedent’s property.


Written document, signed and witnessed as required by law, in which the testator expresses his/her desire with respect to the disposition of his/her probate estate, and/or appoint an executor, and/or appointing a guardian for a minor, and/or revoke a prior will.

Will Contest

A proceeding brought to have a will declared invalid.

Will Contract

Part of an agreement relating to terms or revocability of a document.  Usually found with joint or mutual wills, but neither of these documents alone constitutes a contract.

Will Substitutes

A  general name for various devices besides a will whereby property passes at death.


Wyoming Incomplete gift, Non-Grantor trust.

Workers’ Compensation

Statutes providing benefits to employees and their dependents for accidental injury or death of an employee.

Worthier Title

Doctrine which holds that a gift to the heirs of a grantor or testator gave them no interest in the property conveyed.


Waters of the United States.


Washington’s Pet Trust Act.

Wrongful Death

Statutes abrogating the common law rule that death of an injured person abated any claim for the injury.


World Trade Organization.