Vocab. 1

Question 1

Abatement

Answer 1

The reduction of a gift under a will because of insufficiency of assets to satisfy all the gifts after the legal obligations of the estate (debts, taxes, charges, and claims) have been paid in full.

Question 2

Administration

Answer 2

As it applies to an estate, refers to the collection and management of estate assets, settlement of claims, payment of taxes, reporting to the probate court and distribution of assets to devisees and residuary beneficiaries.

Question 3

Advancement

Answer 3

Transfer to an intended beneficiary in anticipation of the inheritance the donee will inherit from the estate of the donor, and intended to be deducted therefrom.

Question 4

Attorney-in-Fact

Answer 4

a fiduciary appointed in Power of Attorney.

Question 5

Beneficiary

Answer 5

A person who is named individually or by class to receive property under a government document, i.e., a will a trust policy of life insurance, annuity, qualified retirement plan or individual retirement account.

Question 6

Bequest

Answer 6

Gift of personal property by will; a legacy.

Question 7

Codicil

Answer 7

An amendment or supplement to a will executed will all the formalities of a will.

Question 8

Conservator

Answer 8

A person appointed by the court to manage the estate of a protected person.

Question 9

Custodian

Answer 9

Person or institution having charge, custody or control of property of a person.

Question 10

Descendant

Answer 10

One who is descended in a direct line from another, however remotely (child, grandchild, great grandchild).

Question 11

Devise

Answer 11

Historically, a testamentary disposition of land or realty, now applying to both real and personal property.

Question 12

Dispositive Provisions

Answer 12

The provisions of a will relating to the disposition and distribution of the property in the estate; to be distinguished from administrative provisions which relate to the handling of property while it is in the possession or control of the personal representative.

Question 13

Distributee

Answer 13

Any person who has received or will receive property of a decedent from the decedent’s personal representative other than as creditor or purchaser.

Question 14

Durable Power of Attorney

Answer 14

A Power of Attorney which remains effective despite the disability or incompetence of the person granting the power.

Question 15

Estate

Answer 15

The totality of assets and liabilities of a decedent.

Question 16

Exoneration

Answer 16

The act of relieving one of what otherwise would or might be a liability or a duty.

Question 17

Fiduciary

Answer 17

A personal representative, guardian, conservator or trustee.