Key Terms Flashcards
What is probate?
Probate refers to the court proceedings in which it is judicially determined that the decedent left a validly executed will or - if the will is invalid - that the decedent died without a will, after which his intestate heirs are then determined.
What is a personal representative?
The person who handles the decedent’s estate.
If a valid will names a person to administer the estate, then this person is called an EXECUTOR, or it no one is named or the decedent died without a valid will, then the person is called an ADMINISTRATOR.
What is testate succession?
When property passes under a valid will, the property passes testate.
What is intestate succession?
If property passes outside of any valid will, and thus according to the state statutes providing for this, the property passes intestate.
Distinguish heirs from descendants
Heirs are the persons who take under intestate succession.
Descendants are persons who take from a decedent in a descending fashion,
such as children, grandchildren, etc.
What do devisees, legatees, and beneficiaries have in common?
These are persons who take under a valid will, under testate succession.