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Estate Planning > EP CHAP 2 > Flashcards

EP CHAP 2 Flashcards

1
Q

Will ?

A

instructions to personal representative and how you want responsibilities handled

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2
Q

Testacy ?

A

Will

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3
Q

Intestacy ?

A

No Will

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4
Q

What is the Executer/Admin/Personal Rep ?

A

in charge of handling an estate, disturbing and closing

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5
Q

Statutory Will ?

A

Typed

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6
Q

Holographic Will ?

A

Hand Written

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7
Q

Oral Will ?

A

Will is just said out loud

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8
Q

Joint Will ?

A

Husband and Wife

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9
Q

What is the Legal capacity to execute a valid will ?

A

18 + ; full mental capacity ( sound mind )

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10
Q

What are Guardianship Clauses ?

A

Appoint someone to take on responsibilities ( i.e. child support )

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11
Q

What is a Disclaimer Clause ?

A

No not want benefits from will

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12
Q

What are the 4 Requirements of a disclaimer clause?

A

Within 9 Months ; Writing ; Cannot have any benefit ; Can’t redirect

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13
Q

What is Per Capita ?

A

of heads

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14
Q

What is Per Stirpes ?

A

of branch

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15
Q

What is a power of attorney ?

A

authorize a person to act on their behalf

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16
Q

What is General power of attorney ?

A

Grant them to do anything the principal can do

17
Q

What is Limited power of attorney ?

A

(specific powers) - give agents specific detail power

18
Q

What is durable power of attorney ?

A

agents power does not expire upon the principles incapacity or disability but rather expires only at principals death

19
Q

What is springing power of attorney ?

A

Authority to act in existence upon some defined event

20
Q

What is a living will ?

A

a legal doc expressing an individuals last wishes regarding sustainment of life
- for individuals terminally ill

21
Q

What is Do not resuscitate ( DNR ) ?

A

avoids having CPR in a event their heart stops beating

22
Q

What is codicil ?

A

Change a paragraph in will

Estate Planning (6 decks)

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