Chapter One Flashcards
A testamentary document that distributes wealth and directs how the estate should be administered.
Will
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.
Estate planning
A man who makes and executes a will.
Testator
A woman who makes and executes a will.
Testatrix
The process of a court admitting a will as valid and or administering a descendants estate.
Probate
Dieting without a valid will.
Intestate
State legislators can adopt this body of law relating to all matters in which a probate court has authority.
Uniform probate code UPC
Land and items securely attached to it.
Real property
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.
Fixtures
The highest interest in land. One person has full ownership to the land.
Fee simple
An interest held by two or more persons each having a possessory right in the same piece of property.
Tenancy in common
A single estate in property held by two or more persons created under one instrument at one time.
Joint tenancy
Ownership of property by a husband or wife together
Tenancy by the entirety
Property owned by a husband or wife each having an undivided one half ownership right because of their marital status.
Community property
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.
Separate property