Wills Flashcards
Decedent
The person who has died (under the Uniform Probate Code UPC)
Descendant
A person who follows the bloodline of the person who has died (children or grandchildren) sometimes also referred to as issue.
Ancestor
A predecessor in the bloodline of the person who has died ( parent grandparent).
Heir
A person who, under the laws of intestate succession, is entitled to receive property of the person who has died.
Testator
A person who has made a will.
Intestate Succession
Intestate Succession is the statutorily prescribed method of distributing a decedent’s assets that are not covered by a valid will. There are three scenarios in which intestate succession applies. a) Where the decedent dies without will, b) Where the decedent’s will is denied probate due to some underlying problem with the will or, c) Where the decedent’s will fails to dispose of all property.
Advancements
An advancement is an inter vivos gift to an heir that is intended by the donor to satisfy wholly or partially an expected distribution to that person from the donor’s estate ( i,e. an advance of the heir’s future inheritance) and it typically applies only to those who die intestate.
Wills
A will is an instrument, required to meet certain formalities, in which a testator names a person or persons to manage his estate and provides for the transfer of his property at death.
Execution of Attested Will
In order to a will to be valid and admissible to probate, the testator must comply with the formal requirements of execution as states in the state’s Statute of Wills. The formalities required by each state’s Statute of Wills vary. Generally, however, most states require: 1) the will or codicil must be signed by the testator (or another at the testator’s direction and in the testator’s presence) 2) there must be two attesting witnesses, 3) the testator must sign in the witnesses’ presence; 4) the witnesses must sign int he testator’s presence. Some states also require: 5) the testator to sign at the end of the will, 6) the testator to publish the will by declaring to the witnesses that it is a will 7) the witnesses to sign in each other’s presence.
Holographic Wills
A holographic will is a will that is entirely handwritten by the testator and signed but lacks witnesses and other formalities typically require.
Codicil
A codicil is a later document that was written AFTER the will has been executed. The codicil can amend, alter, or modify the will in some way. In order for a codicil to be properly executed, it must follow the same formalities that are deeded to properly execute a will.
Republication
If there is a revoked will that is still physically in existence, it can be revived through the publication of a codicil, expressly referring to the will to be revived. Revival by republication can be accomplished only if the original will has not been physically destroyed and it was validly executed.
Join Will
A join will is a will that is drafted and executed on behalf of two (or more) individuals. The purpose of the will is to serve as the will of each of the individuals that are named as testators in the single instrument.q
Mutual Will
Mutual wills are separate wills that are executed by separate individuals but each will contains similar and “reciprocal” provisions. Each of the wills is executed by only one person but contains similar provisions to the terms of another testator’s will.
Ademption
Ademption occurs when bequeathed property is not longer in existence in the testator’s estate at the time of death.
