Chapter 43 - Wills and Trusts Flashcards
1
Q
Testator
A
- Person who writes the will.
2
Q
Wills
A
- Legal documents that control property upon death.
3
Q
Requirements of a Will
A
- Testator must have CAPACITY.
- Usually in writing.
- Signed by a testator.
- Witnesses
4
Q
Nuncupative Will
A
- Oral Will, not common
5
Q
Testate
A
- If I die with a will.
6
Q
Intestates
A
- If I die without a will.
7
Q
Probate
A
- Process when will goes to a judge to rule if it is a valid will.
8
Q
Personal Respresentative/Executor
A
- Administers the estate when a person dies.
9
Q
Decedent
A
- Person who dies.
10
Q
Swain v. Lee
A
- Someone dies.
- Lee’s would receive property under state law, but Swain said there was a will.
- Judge ruled that certain documents constituted a will, so Swain won.
11
Q
Devise
A
- Transfer of real property upon death.
12
Q
Devisee
A
- Recipient of a devise.
13
Q
Bequest/Legacy
A
- Transfer of personal property.
14
Q
Legatee
A
- Person who receives the bequest
15
Q
Will Substitutes
A
- If I hold property jointly, it trumps the will.
- Ex. joint checking account, life insurance, 401K, etc.
16
Q
Amending a Will
A
- Create a CODICIL (attached doc. to a will that amends statements).
- Can also REVOKE a will.
17
Q
Dying Intestate
A
- When a person dies without a will.
- State law controls.
18
Q
Intervivos Trust
A
- Trust set up while alive.
- If I die, property is transferred as a it says, no probate.
19
Q
Testamentary Trust
A
- Trust setup when i die according to my will.
20
Q
Revocable/Irrevocable Trusts
A
- Can cancel some trusts, but others you can’t budge.
21
Q
Corpus
A
- Property in the trust
22
Q
Parties
A
- Grantor/Settlor = who creates trust
- Trustee = who runs the trust
- Benefeciaries = who receives trust.
23
Q
Charitable Trusts
A
- Set up for charity
24
Q
Spendthrift Trust
A
- Managed to prevent a beneficiary from being careless.
25
Q
Constructive Trust
A
- Under law, a person is not an owner, but rather a temporary holder until delivered.
26
Q
Rawlings v. Rawlings
A
- Fighting over land. Dad deeded land to oldest son. He didn’t really intend for it all to go to the son.
- It was a constructive trust.
27
Q
Living Will
A
- If in a coma, instructions for me if i am vegitated.
- Durable health-care POA.
