Wills Flashcards
When is a will effective?
When the person who is the subject of it dies.
It has to be probated.
What is a will?
A declaration of how a person wants his or her property to be distributed upon death.
Do you have to have an attorney to make a will?
No, any adult of sound mind is entitled to make it.
Can you leave money to whoever you want?
Yes, you can.
What goes into a will?
The identity of the testator.
The names of whom the property is for. Spouse, children, after born children, parents.
Names of the executor, guardian if children, trustee
How it is going to be distributed.
What does sound of mind mean?
That the person who is making the will undestands what is in it.
Does one will voids the previous one?
Yes.
What is bequest to beneficiaries?
Who gets what.
What does testator mean?
Is the legal word given to the person who makes a will.
What does executor mean?
Is the person in charge of paying debt and taxes of the testator property and also the one who makes sure things are distributed the way s/he wants.
Is the person who carries out your wishes.
What does trustee mean?
Is the person or organization in charge of managing the assets of another person.
Can a trustee be paid?
Yes.
What is life estate?
Is a legal arrragement to transfer property automaticly upon a persons death
What is probate?
Is a court-superviced process for transfering the assets of a deceased person
Kinds of marriage
Informal marriage
Ceremonial marriage
What does informal marriage mean?
The couple have to hold themselfs as husband and wife
To cohabitate (no minimum time)
They have to agree THEY ARE married
What is a ceremonial marriage?
The marriage is licenced and there was a wedding ceremony
What does “independent” mean?
That the person operates without a court aproval.
Can a person who has been named executor declien?
Yes
Who should be named as your executor?
A person you trust.
What is a contingent trust?
It is also known as a trust fund. It determines when the children get their property or money, how the assets should be used in case of dissability.
Name two ways a contingent trust can be executed
A lump sum distribution
Three point distribution
Who can be named as guardian?
You can name any person but, the biological parent is first.
What is a terrorem clause?
It is also know as NO CONTEST CLAUSE.
Is a clause wich threatens to disinherit a beneficiary of a will if s/he challanges the terms of the will in court.
What is spendthrift provision?
Is a clause in a legal document, normally a trust, that limits the beneficiary’s ability to transfer, assign or dispose of his interest in a trust.
Is the spendthrift provision optional?
No it is not optional
What is SELF-PROVING AFFIDAVIT?
Is the last page of the will where the testator, notary and witness sign.
How many witnesses should sign a will?
2