Quiz 1 Vocab

Question 1

Will

Answer 1

A written document by which the creator disposes of all of his or her property upon his or her death.

Question 2

Testator

Answer 2

The person who executes the will; a person who dies with a valid will.

Question 3

Beneficiary (will)

Answer 3

The person who receives property under a will

Question 4

Ambulatory document

Answer 4

legally binding only upon the person’s death.

Question 5

estate

Answer 5

The totality of the deceased’s property

Question 6

personal representative

Answer 6

The person who administers the deceased’s estate and carries out the terms of the will. Personal representative is sometimes the term used when a person dies intestate.

Question 7

executor

Answer 7

same as personal representative. Executor is sometimes the term used when a person is appointed in a will.

Question 8

real property

Answer 8

Real estate. Property that is immovable or permanent. Includes land, buildings.

Question 9

personal property

Answer 9

All remaining property that is not real property.

Question 10

tangible personal property

Answer 10

property that is substantive. Can be touched and is movable.

Question 11

intangible property

Answer 11

Property that cannot be touched. Property that stands for something else. Cash, stocks, bonds, etc.

Question 12

owned severally

Answer 12

property that is owned solely by one person.

Question 13

probate assets

Answer 13

all property in a decedent’s estate that requires a probate court proceeding to distribute then to the proper beneficiaries or heirs.

Question 14

non-probate assets

Answer 14

property passes to the survivor as a matter of law (by operation of law). Not subject to the claims of the decedent’s creditors, spouse or children.

Question 15

by operation of law

Answer 15

Automatically.

Question 16

estate planning

Answer 16

the process in which a person determines how their assets will be distributed and how debts and taxes will be paid after death.

Question 17

mere expectancy

Answer 17

What a named beneficiary has in property in a will. Until the person dies they have no interest in the property.

Question 18

poor man’s will

Answer 18

Term given when a property owner deeds property to themselves and their children, with a life tenant in themselves and the remainder interest to the children

Question 19

revocable

Answer 19

having the power to take back.

Question 20

joint tenancy with right of survivorship

Answer 20

Upon the death of one joint tenant, hius or her interest passes automatically to the surviving joint tenants.

Question 21

tenancy in common

Answer 21

no right of survivorship. Each tenant must pass their interest by will or it is subject to intestacy.

Question 22

community property

Answer 22

All property that is acquired by husband and wife during marriage that is not a gift, or inherited.

Question 23

life estate

Answer 23

The right of a person to use property until death.

Question 24

life estate pur autre vie

Answer 24

A life estate held in the life of another.