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Estate Planning > EP | Chapter 2 > Flashcards

EP | Chapter 2 Flashcards

1
Q

Administrator

A

A person, usually a relative, appointed by the probabte court to oversee the probate process when an executor is not names in the will.

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2
Q

Advance Medical Directive or Living Will

A

A legal document expressing an individual’s last wishes regarding life sustaining treatment.

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3
Q

Ancillary Probate

A

A probate process conducted in a state other than the state of the decendant’s domicle (where the deceased called primary state/home).

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4
Q

Appointment of Executor Clause

A
  • clause in a will that identifies the executor and any successor executor
  • clause may also define the extent of the executor’s powers and may grant specific or general powers
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5
Q

Attestation Clause

A
  • witness clause stating that the testor is of sound mind and that they signed the document in the witness’ presence
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6
Q

Attorney in Fact

A

Agent of power holder of a power of attorney

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7
Q

Bequest Clause

A
  • directs the distribution of property
  • includes cash, tangible property, intangible property, or real property
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8
Q

Codicil

A
  • document that amends a will
  • prepared subsequent (after) and separate from the will to modify/explain the will
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9
Q

Contigent Legatee Clause

A
  • clause in a will that names a secondary person to inherit if the original legatee is dead or disclaims the property
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10
Q

Declaration Clause

A
  • clause in a will which states this is the last will and testament of the testor
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11
Q

Devisee

A
  • who a person names to receive real estate in their will
  • the recipient is the devisee
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12
Q

Disclaimer Clause

A
  • an heir or legatee’s refusal to accept a gift of bequest (inheritance)
  • allows assets to pass to another heir or legatee without additional transfer tax
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13
Q

Domicile

A
  • where one lives and intends to remain (the state they live in, ex. IL)
  • aka the location of one’s home/where one calls home
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14
Q

Durable Feature

A
  • allows a power of attorney to survive incapabity and/or disability
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15
Q

Durable Power of Attorney

A
  • a written document enabling one individual, the principal, to designate another person(s) to act as their “attorney-in-fact”
  • durable power of attorney survives the incapacity/disability of the principles
  • two types:
    • ​Durable Power of Attorney for Property
    • Durable Power of Attorney for Health Care
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16
Q

Escheat

A
  • common law doctrine that transfers the real property of a person who has died without heirs to the state
  • serves to ensure that property is not left in “limbo” without recognized ownership
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17
Q

Executor

A
  • estate representative designated in the will by the deceased
  • may serve without bond if the bond is waived by the deceased
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18
Q

Felonious Homicide Statute

A
  • statue that prevents heirs who feloniously participated in the decendant’s death from inheriting via the will or state intestacy laws
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19
Q

Forced Heirship

A
  • a state requirement that a certain portion of a decedent’s estate be transferred to a spouse and in some cases children
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20
Q

Guardianship Clause

A
  • clause in a will which allows the testor to identify an individual(s) to raise any minor children
21
Q

Heirs

A
  • individuals who are eligible to receive a portion of a decedent’s estate under intestacy law of the state
  • a person’s blood relatives or spouse
  • includes: siblings, children, parents, nieces, nephews, grandparents, aunts, uncles, and cousins
22
Q

Holographic Will

A
  • a handwritten will
  • HINT: H for handwritten
23
Q

Intestacy

A
  • to die without a valid will or to die with a will that does not distribute all property
24
Q

Introductory Clause

A
  • clause in a will which indetifies the testor
  • The will of Elli Gotlieb is the introductory clause
25
Q

Joint Will

A
  • one will executed by two or more individuals jointly that transfers their common interest in property
26
Q

Legatee

A
  • a person who is named as a beneficiary in a will
  • can be a non-relative or non-natural person such as a business or a charity
27
Q

Mutual Will

A
  • two or more identical wills that leave all the assets to the reciprocal (other) party
  • ex. a wife leaves to husband, a husband leaves to wife
28
Q

No-Contest Clause

A
  • clause in a will that discourages heirs from contesting the will by substantially decreasing or eliminating bequests to them if they a file a formal legal contest to the will
29
Q

Nuncuptive Will

A
  • oral will consisting of dying declarations
30
Q

Overqualified

A
  • a decendant’s taxable estate is less than the applicable estate tax credit equivalency
  • usually the result when too many assets pass to a surviving spouse
31
Q

Per Capita

A
  • also known as “by the head” or “by total head count”
  • directs equal shares based upon the number of beneficiaries that are living at the time of a decedent’s death
  • If a child dies before their parent, rather than having their inheritance (when their parent dies) pass directly from grandparent to grandchild (their child), the total number of living heirs is counted and the inheritance is divided equally between them
32
Q

Per Capita at Each Generation

A
  • directs equal shares to each living member of the same generation
  • always provides equal shares to those equally related
  • typically the most preferred method of the two per capita methods
33
Q

Per Stripes

A
  • also known as “by representation” or “by the roots”
  • directs equal shares to each member of a specified tier or group of relatives of the same generation
34
Q

Physicians Orders for Life Sustaining Treatment

A
  • document detailing the types of medical treatments an individual wishes to receive when they are within a year or so of death
  • intended to ensure that patients receive only those treatments they wish to receive and to reduce the frequency of medical errors in providing such treatments
35
Q

Power of Attorney

A
  • legal document that authorizes an agent to act on a principal’s behalf
36
Q

Principal

A
  • the grantor or giver of a power of attorney
37
Q

Reciprocal Will

A
  • two or more identical wills that leave all assets to the reciprocal party
38
Q

Residuary Clause

A
  • a clause in a will which directs the transfer of the balance of any assets not previously distributed
39
Q

Self Proving Clause

A
  • a clause in a will which involved the notary signing a notarized declaration that they witnessed the testor and the witnesses sign the will
40
Q

Side Instruction Clause

A
  • also known as a personal instruction letter
  • details the testor’s wishes regarding the disposition of household goods, their body, and their funeral arrangements
  • not legally but binding but generally followed
41
Q

Situs

A
  • the place, generally referring to the state, where a property is located
42
Q

Springing Power

A
  • an agent’s Power of Attorney “springs” into existence upon some defined event or determination
43
Q

Statutory Will

A
  • a will that meets a state’s statues
  • generally drawn up by an attorney and signed in the presence of witnesses
44
Q

Survivorship Clause

A
  • clause in a will requiring that the legatee survuve for a specific period in order to receive inheritance
  • the bequest (inheritance) will qualify for the marital deduction if the property transfers to the surviving spouse and the time period of the survivorship is six months or less
45
Q

Sweetheart Will

A
  • two wills executed by spouses that leave all assets to the other spouse
46
Q

Tax-Appointment Clause

A
  • clause in a will directing which assets will bear the payment of any debts and estate taxes
47
Q

Testate

A
  • when a decedent dies with a valid will
48
Q

Testator

A
  • writer of will
  • who’s will it is
  • Elli is the testator = this is Elli’s will

Estate Planning (14 decks)

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