Estate Planning Terminology Flashcards
Person appointed by the court to look out for the best interest of the child during the course of legal proceedings.
Guardian Ad Litem
When a gift falls or goes away. When ademption occurs, the estate is not liable for the value of the gift to the intended beneficiary.
Adeem
A person named in a will to receive specified property.
Beneficiary
A testator giving personal property.
Bequeath
A supplement or addition to a will. This has the same execution requirements as a will.
Codicil
Property owned in common by a husband and wife where each spouse owns an undivided one half interest in the community property.
Community property
A testator giving real property.
Devise
Deny interest in or connection with; refuse to accept a testamentary gift from the estate.
Disclaim
The location where you have both physically resided and formed an intent to return to permanently, to the exclusion of any other domicile.
Domicile (for military members)
The residence where you have your permanent home or principal establishment and to where, whenever you are absent, you intend to return.
Domicile (for civilians)
Appoints another person to make healthcare decisions should the client become incapacitated and unable to make decisions on his/her own.
Durable springing power of attorney for healthcare
All the possessions of one who has died that are subject to probate administration and distribution to heirs and beneficiaries.
Estate
Actual signing and notarizing of a will according to procedural requirements of applicable law.
Execution
A person named by the testator/testatrix who is responsible for administering the estate upon death.
Executor/Executrix
To clear of an accusation; to relieve from an obligation or duty.
Exonerate
A person acting primarily for another’s benefit in confidence, good faith, prudence, and fair dealing, such as a trustee or executor.
Fiduciary
A person lawfully vested with the power and charged with the duty of taking care of and managing the person and/or property of another whom, because of status, age, understanding, or self-control, is determined to be incapable of administering their own affairs.
Guardian
Also known as a living trust, this trust begins at the time of execution of the trust instrument, during the life of the trustor. It can entail the distribution of assets to the beneficiary during and after the trustor’s lifetime.
Inter-vivos trust
All persons who have descended from a common ancestor.
Issue
States a person’s desires regarding the termination of life support in the event of a terminal, incurable medical condition, during which the person is in capable of competently communicating their desires.
Living will
Instrument that is prepared with testamentary intent in accordance with AFI 51–504 and: (1) is executed in accordance with 10 USC 1044d by a person, as a testator, who is eligible for military legal assistance; (2) makes a disposition of property of the testator; and (3) takes effect upon the death of the testator.
Military testamentary instrument
The property shall be distributed in equal shares among the living descendants who are at the same level of relationship to the testator to the exclusion of all others, i.e., all living children, or all living grandchildren if there are no surviving children.
Per capita
The property shall be distributed in equal shares among the children, with the issue of deceased children dividing their deceased parent’s share equally.
Per stirpes
The portion of the estate that is not otherwise devised or bequeathed, or used to pay debts and administrative expenses.
Residuary estate
