week 6 Flashcards
a proportional reduction of a devise when estate assets are not sufficient to pay it in full
abatement
the extinction or withdrawal of an inheritance because decedent didn’t own the named property at the time of death.
ademption
an addition or amendment of a last will and testament executed with the same formality of the will
codicil
a gift of real or personal property by will
devise
the person who receives a devise
devisee
forfeiture of a decedents property to the state in the absence of heirs
escheat
one who inherits, or is entitled to receive property by laws of intestacy
heir
a will written entirely by the hand of the testator
holographic will
the state or condition of dying without having made a will
intestate
the method used to distribute property owned by a person who dies without a valid will
intestate succession
oral will declared or dictated by testator during the last illness before appropriate witnesses to dispose of personal property 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 of kindred to the decedent
per capita
the method of proportionately dividing an estate between beneficiaries according to their deceased ancestors share
per stirpes
the omission or cancellation of an instrument, act, license, or promise
revocation
the condition of leaving a will at death
testate
a person who makes a valid will
testator
an instrument executed with required formality, by persons making disposition of their property to take effect upon their death
will
a power of attorney that remains in effect after the disability or incapacity of the principal
durable power of attorney
a written instrument granting the agent broad powers to act for the principal
general power of attorney
the estate assets which pass from the decedent to his/her heirs
inheritance
the condition of the estate of a deceased person which is unable to pay the debts of the decedent and/or the estate
insolvent estate
listing and valuation of a decedents assets by personal representative of the estate
inventory
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 which becomes effective when such person is no longer able to make decisions regarding his/her medical treatment
living will
a secured loan on a parcel of real property
mortgage
person who is appointed by the court to represent and administer the estate of a deceased person
personal representative
an instrument granting someone authority to act as agent or attorney in fact for the principal; revocable and automatically terminates upon the death or incapacity of the principal
power of attorney
a claim which is accorded a priority, advantage, or privilege
preferred claim
the process of administering the estate and determining the validity of a will
probate
a court having jurisdiction over estates
probate court
a debt which is supported by a pledge, mortgage, or lien on on assets belongings to the debtor
secured claim
an estate in which the assets exceed the liabilities
solvent estte
a written instrument authorizing one person to act as an agent for another effective only upon a certain event occuring
springing power of attorney
a model law intended to achieve uniformity in probate proceedings throughout the U.S
Uniform probate code
a claim which is not supported by a pledge, mortgage, or lien on other assets
unsecured claims
