Chapter One Flashcards

0
Q

A testamentary document that distributes wealth and directs how the estate should be administered.

A

Will

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1
Q

A method for preparing for the administration of a persons property upon death by using documents and other arraignments usually to reduce the cost of administration and taxes.

A

Estate planning

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2
Q

A man who makes and executes a will.

A

Testator

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3
Q

A woman who makes and executes a will.

A

Testatrix

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4
Q

The process of a court admitting a will as valid and or administering a descendants estate.

A

Probate

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5
Q

Dieting without a valid will.

A

Intestate

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6
Q

State legislators can adopt this body of law relating to all matters in which a probate court has authority.

A

Uniform probate code UPC

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7
Q

Land and items securely attached to it.

A

Real property

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8
Q

Personal property that is securely attached to the land so that it takes on the characteristics of real property and is treated as real property under the law.

A

Fixtures

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9
Q

The highest interest in land. One person has full ownership to the land.

A

Fee simple

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10
Q

An interest held by two or more persons each having a possessory right in the same piece of property.

A

Tenancy in common

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11
Q

A single estate in property held by two or more persons created under one instrument at one time.

A

Joint tenancy

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12
Q

Ownership of property by a husband or wife together

A

Tenancy by the entirety

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13
Q

Property owned by a husband or wife each having an undivided one half ownership right because of their marital status.

A

Community property

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14
Q

Property that one spouse owns exclusively because it was acquired by the individual prior to marriage or through other methods such that law deems the property as separate.

A

Separate property

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