Chapter 3 Flashcards
A different name for a gift by will of personal property
Legacy
A gift by will of personal property
Bequest
A person who makes a gift by will of personal property.
Legator
A person who receives a gift by will of personal property.
Legatee
A gift by will of a particular item of personal property
Specific bequest
A gift by will of a sum of money from a specified fund or from the sale of a particular property.
Demonstrative bequest
A gift by will of an amount of money.
General bequest
A gift by will of all the remaining property owned by the decedent that has not been gifted in another clause.
Residuary bequest
A gift by will of real property. Today under the UPC also known as a bequest
Devise
A proportional reduction of gifts to beneficiaries because the estate lacks sufficient funds to pay the decadents debts.
Abatement
A gift by will fails because it is no longer owned by the testator or it is no longer in existence.
Ademption
A gift by will that fails because the beneficiary predeceased the decedent or the beneficiary is unwilling to take the item
Lapse
A legislative enactment that passes the gift of property to a deceased beneficiaries heirs rather than through the wills residuary clause or intestate succession statute.
Anti lapse statute
An heir or beneficiary does not inherit from the decedent if the heir or beneficiary killed the decedent.
Slayers rule or slayers statute
Also known as administrator or executor. A legal representative appointed by the court to administer the decadents estate.
Personal representative