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PAC - Block III > Unit 8 - Intro To Estate Planning/Wills > Flashcards

Unit 8 - Intro To Estate Planning/Wills Flashcards

1
Q

What U.S. code is a requirement for recognition by states and has detailed instructions for execution ceremonies?

A

10 U.S.C. : 1044d, Military Testamentary Instruments

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2
Q

What is the purpose of estate planning?

A
  • Spells out what a person wants to do with their stuff after they die
  • Ensure beneficiaries/children are taken care of
  • Appoints agents to ensure property goes to the right people
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3
Q

Generally speaking, what two instances should someone have a will?

A

When they have children and/or real/personal property

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4
Q

Who is person named in a will to receive specified property BENEFITS from an act of another

A

Beneficiary

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5
Q

What is it called when a Testator or Testatrix is giving personal property?

A

Bequeath

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6
Q

What is a supplement or addition to a will that is used to explain, modify, add, subtract, qualify, alter, restrain, or revoke provisions in a will?

A

Codicil

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7
Q

What is PROPERTY owned in COMMON by two persons as a kind of marital partnership?

A

Community Property

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8
Q

What is a place where a person has a valid, fixed, and permanent home and principle establishment where they intend on returning accredited business/military duty?

A

Domicile

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9
Q

What type of POA appoints another person to make healthcare decisions should the grantor become incapacitated and unable to make decisions independently?

A

Durable POA for Healthcare, AKA Medical POA

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10
Q

What are all the possessions of one who has died and are subject to probate administration/distribution to their heart and beneficiaries?

A

Estate

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11
Q

What is the signing and notarizing of a will called?

A

Execution

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12
Q

Who is the person named by the TESTATOR/TESTATRIX that is responsible for administering their estate upon their death?

A

Executor or Executrix

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13
Q

Who is a person lawfully vested with the power and charged with managing the property and rights of another person who is incapable of administering their own affairs?

A

Guardian

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14
Q

What term is used chiefly in the law of taxation and means such property with no intrinsic and marketable value (ex certificates of stock and bonds)?

A

Intangible Property

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15
Q

What is the legal expression or declaration of a person’s wishes as to the disposition of their property to be performed or take effect after their death?

A

Last Will and Testament

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16
Q

What states a person’s desires regarding the termination of life support in the event that a person is incapable of communicating their desires?

A

Living Will

17
Q

What is the distribution of property in equal shares only among living children?

A

Per Capita

18
Q

What is the distribution of property in equal shares among living children and descendants of deceased children?

A

Per Stirpes

19
Q

What is all intangible and tangible property that is MOVEABLE?

A

Personal Property

20
Q

What is a statement regarding the revocation of all previous wills and declares the person’s domicile (requirement for recognition by states)?

A

Preamble

21
Q

What is the judicial process to determine the validity of a will called?

A

Probate

22
Q

What is land and everything permanently affixed to land?

A

Real Property

23
Q

What is the estate that remains after all debts and expenses of administration have been paid?

A

Residuary Estate

24
Q

What is usually included in the will and is a notarized, written declaration, that the testator/testatrix attests to the circumstances under which the Will was executed?

A

Self-Proving Affidavit

25
Q

What is something capable of being felt or touched, or possessing physical form?

A

Tangible Property

26
Q

What is an INSTRUMENT that is prepared with TESTAMENTARY intent per AFI 51-304, in accordance with 10 U.S.C. 1044d for a person who is eligible for military legal assistance?

A

Testamentary Instrument

27
Q

Who is the person who requests the execution of a will?

A

Testator or Testatrix

28
Q

What is a right of property, real or personal, held by one party for the benefit of another?

A

Trust

29
Q

Who is a person who administers the assets in a TRUST for the benefit of one or more individuals who is incapable of administering their own affairs?

A

Trustee

PAC - Block III (8 decks)

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