TRANSFER TITLE #2 Flashcards
THE RULES OF REAL PROPERTY TRANSFER BY INHERITANCE ARE GOVERNED BY
STATE LAW
when a person dies and leaves a valid will, the death is said to be :
intestate or testate
TESTATE
WHEN a person dies but does NOT leave a valid will, the death is said to be: intestate or testate
Intestage
A person who dies is called the
Decedent (coming from the word deceased)
if a decedent leaves a valid will, he/she is called the
Testator
The gift of real property in a will is known as
a devise
A DECEDENT (Deceased) who conveys real property in a Will is known as the
The Devisor
the deceased that conveys the property
The recipient of real property in a WILL is known as
The devisee
A BEQUEST is a gift of
Personal property in a WILL
A LEGACY is a gift of
PERSONAL property in a WILL
WHEN THERE IS AN INTESTATE DEATH, ThE HEIRS ARE KNOWN AS
DISTRIBUTEES
The distribution of an INTESTATE DECEDENT’S ESTATE is governed by state laws called laws of
succession
Also known as the laws of decent
If no heirs are found in an intestate death, the property
escheats to the state
The “executor” of a will is appointed by the
testator
The ‘administrator’ of an estate is appointed by the
court
