Terms

Question 1

Testate

Answer 1

Decedent has valid will and/or trust

Question 2

Intestate

Answer 2

Decedent has no will or trust

Question 3

Testator / Testatrix

Answer 3

Person who makes will

Question 4

Legatee/Devisee/Beneficiary/Heir

Answer 4

Receive assets

Question 5

Attested will

Answer 5

signed by witnesses

Question 6

Nonconforming will

Answer 6

Doesn’t follow all requirements but may still be accepted

Question 7

Holographic will

Answer 7

In testator’s handwriting

Question 8

Noncupative will

Answer 8

Oral. Not valid in most states

Question 9

Settlor/Grantor/Trustor

Answer 9

Person who establishes trust

Question 10

Administrator/Administratrix

Answer 10

Person appointed by court to administer intestate estate

Question 11

Executor/Executrix

Answer 11

Person named in will and appointed by court to administer testate estate

Question 12

Personal representative

Answer 12

Gender neutral term for administrator, executor, guardian, conservator

Question 12

Guardian/conservator

Answer 12

person appointed by court to manage incapacitated or minor’s personal affairs or property

Question 12

Agent in fact

Answer 12

Person with legal authority to act for another (power of attorney)

Question 13

Residuary gift

Answer 13

Made of leftover property after specific gifts

Question 14

Conditional gift

Answer 14

Made only when a specific event happens

Question 15

Lapse/antilape

Answer 15

Rules regarding disposition of property if beneficiary pre-deceases testator

Question 16

Ademption

Answer 16

When specific gift no longer part of the estate or trust

Question 17

Pretermitted heir

Answer 17

Child or descendant unintentionally omitted from will. May receive protection under pretermitted heir statute

Question 18

Per stirpes

Answer 18

Shares determined by number of children (each child is a stirp)

Question 19

Per capita (at each generation)

Answer 19

Shares determined by number of descendants at each generational level

Question 20

By representation

Answer 20

Shares determined by number of descendants at first level with living descendants

Question 21

Foundational Estate Plan - Lifetime Planning

Answer 21

Power of attorney

Medical directives
-HIPPA Release
-Advance directive / living will
-Medical power of attorney

Revocable living trust

Funding documents

Question 22

Foundational Estate Plan - At-Death Planning

Answer 22

Revocable living trust and pour-over will

OR

Last will and testament

Question 23

Durable power of attorney

Answer 23

Survives incapacity

Question 24

Medical durable power of attorney

Answer 24

Makes healthcare decisions.

Question 25

Community property

Answer 25

Acquired during marriage, belongs to both spouses, regardless of how titled

Question 26

Separate property

Answer 26

Follows title, even if acquired during marriage so

Question 27

Community property exceptions

Answer 27

Property acquired before marriage; assets acquired by gift or inheritance, even during marriage

Question 28

Tax effect of community property

Answer 28

Basis is stepped up on death of either spouse (e.g. if one dies then basis stepped up to then-market value); basis also stepped down if there is a loss at time of death

Question 29

Tax effect of separate property

Answer 29

Only 50% of property receives basis adjustment

Question 30

Joint Tenancy

Answer 30

If one tenant passes, share automatically goes to survivor

Equal rights to occupy, use property

Question 31

Tenants in Common

Answer 31

One tenant can sell share or devise to whomever they want

Can have unequal rights to occupy, use property