Chapter 19 Wills, Trusts, and Estates

Question 1

Interstate

Answer 1

Those who die without a valid will are said to have died interstate

Question 2

Administrator

Answer 2

To take charge of the intestate’s property

Question 3

Estate

Answer 3

Uses the property of the decease, to pay all debts, including the cost of administering the estate

Question 4

Testate

Answer 4

Means the decedent die leaving a will

Question 5

Decedent

Answer 5

The person who passes on

Question 6

Wills

Answer 6

A legal expression usually in writing by which a person directs how her/his property is to be distributed after death

Question 7

Testator

Answer 7

A maker of a will

Question 8

Executor

Answer 8

Personal representive

Question 9

Posting bond

Answer 9

Can specify that the executor be exempt from paying the court a sum of money to ensure duties are properly performed

Question 10

Living Will

Answer 10

A term used for a document directed to attending to a person’s choice about life support

Question 11

Durable Power of Attorney

Answer 11

Alternative to having a loving will which confers on a court appointed individual the right to make health care decisions regarding life support

Question 12

Testamentary Intent

Answer 12

Testator must have clear intentions of making a will

Question 13

Testamentary Capacity

Answer 13

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

Question 14

Codicil

Answer 14

Formal, written and witnessed amendment executed using the same formalities as the original creation of will

Question 15

Holographic Will

Answer 15

Wills that are valid with out witnesses, has been written entirety by the decedent’s own hand and sign by them

Question 16

Nuncupative Will

Answer 16

Oral will

Question 17

Enoch Arden Laws

Answer 17

Person can be declared dead after several years 5~7 if a person simply vanishes without a trace

Question 18

Per Capita

Answer 18

Splitting the property equally among living descendants

Question 19

Settlor

Answer 19

Creator of the trust

Question 20

Beneficiary

Answer 20

Party for whose benefit the trust is managed in accordance with the settlers wishes

Question 21

Trustee

Answer 21

Legal entity that has the title to the property named in the trust

Question 22

Trust

Answer 22

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