Chapter 19 Wills, Trusts, and Estates Flashcards
Interstate
Those who die without a valid will are said to have died interstate
Administrator
To take charge of the intestate’s property
Estate
Uses the property of the decease, to pay all debts, including the cost of administering the estate
Testate
Means the decedent die leaving a will
Decedent
The person who passes on
Wills
A legal expression usually in writing by which a person directs how her/his property is to be distributed after death
Testator
A maker of a will
Executor
Personal representive
Posting bond
Can specify that the executor be exempt from paying the court a sum of money to ensure duties are properly performed
Living Will
A term used for a document directed to attending to a person’s choice about life support
Durable Power of Attorney
Alternative to having a loving will which confers on a court appointed individual the right to make health care decisions regarding life support
Testamentary Intent
Testator must have clear intentions of making a will
Testamentary Capacity
Means the maker must know the event of the property involved, person who stands to benefit, and that they are making arrangements to dispose of their property after death
Codicil
Formal, written and witnessed amendment executed using the same formalities as the original creation of will
Holographic Will
Wills that are valid with out witnesses, has been written entirety by the decedent’s own hand and sign by them
Nuncupative Will
Oral will
Enoch Arden Laws
Person can be declared dead after several years 5~7 if a person simply vanishes without a trace
Per Capita
Splitting the property equally among living descendants
Settlor
Creator of the trust
Beneficiary
Party for whose benefit the trust is managed in accordance with the settlers wishes
Trustee
Legal entity that has the title to the property named in the trust
Trust
An immediate transfer of control of some or all of ones property to another party with instructions on how it is to be managed for the benefit of the transferor
