EP CHAP 2 Flashcards
Will ?
instructions to personal representative and how you want responsibilities handled
Testacy ?
Will
Intestacy ?
No Will
What is the Executer/Admin/Personal Rep ?
in charge of handling an estate, disturbing and closing
Statutory Will ?
Typed
Holographic Will ?
Hand Written
Oral Will ?
Will is just said out loud
Joint Will ?
Husband and Wife
What is the Legal capacity to execute a valid will ?
18 + ; full mental capacity ( sound mind )
What are Guardianship Clauses ?
Appoint someone to take on responsibilities ( i.e. child support )
What is a Disclaimer Clause ?
No not want benefits from will
What are the 4 Requirements of a disclaimer clause?
Within 9 Months ; Writing ; Cannot have any benefit ; Can’t redirect
What is Per Capita ?
of heads
What is Per Stirpes ?
of branch
What is a power of attorney ?
authorize a person to act on their behalf
What is General power of attorney ?
Grant them to do anything the principal can do
What is Limited power of attorney ?
(specific powers) - give agents specific detail power
What is durable power of attorney ?
agents power does not expire upon the principles incapacity or disability but rather expires only at principals death
What is springing power of attorney ?
Authority to act in existence upon some defined event
What is a living will ?
a legal doc expressing an individuals last wishes regarding sustainment of life
- for individuals terminally ill
What is Do not resuscitate ( DNR ) ?
avoids having CPR in a event their heart stops beating
What is codicil ?
Change a paragraph in will
