G.55 Strategies to transfer property Flashcards
A reduction in the amount of a beneficiary’s distributable assets in an estate when the assets are insufficient to pay all debts and legacies.
Think about what happens when estate funds are insufficient.
Abatement
G.55 Strategies to transfer property
A person appointed by the court to manage and distribute the estate of a deceased person who left no will.
This person administers an estate without a will.
Administrator
G.55 Strategies to transfer property
A probate proceeding conducted in a different state from where the deceased primarily resided, usually necessary when the deceased owned property in that other state.
Probate that occurs in another state due to property location.
Ancillary Probate
G.55 Strategies to transfer property
The legal residence of an individual, which determines their legal obligations and rights such as taxation and jurisdiction for legal matters.
Legal home of a person.
Domicile
G.55 Strategies to transfer property
The process of managing and settling a deceased person’s estate, including distributing assets according to the will or state law.
Managing and settling a deceased’s estate.
Estate Administration or Succession
G.55 Strategies to transfer property
A person named in a will who is responsible for executing the will’s instructions and managing the estate’s affairs.
This person executes the will.
Executor
G.55 Strategies to transfer property
A person legally entitled to receive a share of a deceased’s estate under statutory inheritance laws, usually when there is no will.
Receives inheritance by law when there’s no will.
Heir
G.55 Strategies to transfer property
A type of bank account that names a beneficiary who will receive the assets in the account upon the account holder’s death.
Bank account that passes directly to a named beneficiary.
In Trust For (ITF) Accounts
G.55 Strategies to transfer property
A person who receives a legacy (gift of personal property) under the terms of a will.
Receiver of a gift specified in a will.
Legatee
G.55 Strategies to transfer property
Official documents issued by a court that grant an administrator the authority to handle a deceased person’s estate when there is no will.
Empowers an administrator in absence of a will.
Letters of Administration
G.55 Strategies to transfer property
Documents that signify the closure and completion of an estate administration.
Marks the end of estate processing.
Letters of Termination
G.55 Strategies to transfer property
A bank account that designates one or more beneficiaries to receive the funds remaining in the account upon the account holder’s death.
Bank account where funds transfer upon death.
Pay-On-Death Bank Account (POD)
G.55 Strategies to transfer property
The legal procedure through which a deceased person’s will is validated, debts are paid, and assets are distributed.
Legal process for validating a will and settling an estate.
Probate Process
G.55 Strategies to transfer property
The legal location or placement of property for legal purposes, which affects where taxes are paid and legal disputes are settled.
Legal location of property.
Situs
G.55 Strategies to transfer property
A bond purchased by an executor or administrator from a third party to insure against potential mismanagement of an estate.
Insurance against mismanagement in estate handling.
Surety Bond
G.55 Strategies to transfer property
