Quiz 5 Study Guide Flashcards
The party who acquires possession, but not the title, of personal property by one party to another, under agreement
Bailee
The transfer of possession, but not the title of personal property by one party to another, under agreement
Bailment
The party who gives up possession, but not the title, of personal property in a bailment
Bailor
The inherent power of a government to take private property for public use. In the U.S. just compensation to the property owners is required.
Eminent domain
All property which is not real property
Personal property
Land and those objects permanently attached to land
Real property
Any carrier required by law to convey passengers or freight without refusal if the approved fare or charge is paid (e.g.) airline, train, etc.).
Common carrier
One to whom goods are shipped by common carrier
Consignee
One who ships goods by common carrier
Consignor
A woman who has been appointed by the court to settle an estate
Administratrix
A man who has been appointed by the court to settle an estate.
Administrator
Recipient of the proceeds of a life insurance policy: one who inherits property as specified in a will.
Beneficiary
Personal property left by will
Bequest / Legacy
An addition or amendment of a last will and testament executed with the same formality of the will
Codicil
The body of a dead human being, deprived of life, but not yet entirely disintegrated
Decedent (corpse, dead human body)
A gift of real estate made by will
Devise
One who inherits real estate under a will
Devisee
Exists when person executes a power of attorney which will become or remain effective in the event he or she should later become disabled.
Durable power of attorney
The property of a deceased person, both real and/or personal
Estate
A man appointed by the will of a deceased person to carry out the provisions thereof and settle the estate.
Executor
A woman appointed by the will of a deceased person to carry out the provisions thereof and settle the estate.
Executrix
An instrument in writing authorizing one person to do anything for the principal. In other words, one party has full power of attorney for another party.
General power of attorney
One who inherits, or is entitled to receive property by will or laws intestacy
Heir
A will written entirely by the testator with his own hand
Holographic will
The state or condition of dying without having made a will
Intestate
The succession of an heir at law to the property and estate of his ancestor when the latter has died without a will
Intestate succession
Listing and valuation of a decedent’s assets by personal representative of the estate
Inventory
One’s relatives collectively; referring to blood relationship (legally, the surviving spouse is not a kin)
Kin
One who inherits personal property under a will.
Legatee
A document which governs the withholding or withdrawal of life-sustaining treatment from an individual in the event of an incurable or irreversible condition that will cause death within a relatively short time, and when such person is no longer able to make decisions regarding his/her medical treatment
Living will
Oral will declared or dictated by testator during last illness before appropriate witnesses to dispose of personal property and afterwards reduced to writing (not valid in all states)
Nuncupative will
The method of dividing an estate by which an equal share is given to each of a number of persons, all of whom stand in equal degree to the decedent.
Per capita
The method of proportionately dividing an estate between beneficiaries according to their deceased ancestor’s share
Per stirpes
Person who represents and administers the estate of deceased persons (e.g., executors and administrators)
Personal representative
An instrument granting someone authority to act as agent or attorney-in-fact for the grantor; an ordinary power of attorney is revocable and automatically terminates upon the death or incapacity of the principal
Power of attorney
The process where the estate of a decedent is administered
Probate
A court having jurisdiction over estates
Probate court
The property of a decedent that is subject to administration by the executor or administrator of an estate
Probate estate
The condition of leaving a will at death
Testate
A man who makes a valid will
Testator
A woman who makes a valid will
Testatrix
One who holds title to property or another position of trust to a beneficiary; in funeral arrangements, the person who has the right to control funeral does so on behalf of all survivors
Trustee
An instrument executed with required formality by a person making disposition of their property to take effect upon their death.
Will
