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
How old should the witnesses be?
14 years old.
How is the last page of a will called?
Self-proving affidavit
Who signs the self-proving affidavit?
The testator, the notary and the witnesses
Mention two capacity questions
What year is it?
Name of the actual President
What is capacity in a will?
To be able to undestand what you are doing
How is to be able to undestand what you are doing called?
Capacity
What are you supposed to do with your will?
Make copies, dont unstaple it
Keep it in a safe place
Give copies to a lawyer and adults you trust
Do you have to file your will with the county?
You can but it is not necesary
What is a holographic will?
Is a will written in the testators handwiriting
Not a computer or fill in the blank type
What is to be INTESTATED.
To die without a will
If you die and you didnt have a will you are called?
Intestated
What hapens if you are intestated?
The probate code applies
What does the probate code mean?
Is the capacity of a court to define what happen with the testator assets if intestated
What probate code applies in Texas?
The Texas Probate Code
Name possible conflicts in a will
The lawyer in a non-family will is the beneficiary
Contractual wills
Spouses and third parties
What does probate mean?
To prove up
Who has to go to court for probate?
The lawyer, (not obligatory)
The executor
What happens in probate if the executor lives out of the state?
S/he appoints an agent for service of process
What is the statutes of limitation in probate?
Four years
What does non-probate assests mean?
Checking accounts, life insurance
Are non-probate assets put on a will?
No
What is a living trust?
Is an arragement under which one person holds legal title to property for another person.
What does a power of attorney mean?
Is a written authorization to act on anothers behalf
Types of powers of attorney?
Durable power of Attorney
Medical Power of Attorney
What does Durable Power of Attorney mean?
Is a power you give to another person to make financial decisions for you
What kind of powers does the durable power of attorney grant?
To pay bills, to write checks
When is a durable power of attorney good?
When the person is alive
What does Medical Power of Attorney mean?
The power you give to another person to make medical decisions
Is the Medical Power of Attorney part of a will?
No, it must be a separate document. It is not part of any other document.
When is the Medical Power of Attorney effective?
It can be effective inmediately or after incapacity.
What does Directive to Physician do?
It directs your phycisian or other medical professionals on how to act in an end-of-life situation
How is directive to physician also called?
A living will
What is advance directive?
It refferes to psychiatric care
What is appointment of agent to control disposition of remainings?
It is a form in which a person appoints, normally an agent not family, to control funeral plans and disposition of remanins
Who signs the appointment of Agent to Control Disposition of Remainings?
The agent because it is a finantial obligation.
In Texas, what adjetive precedes the word Executor?
Independent
What does independent executor mean?
That he can operate without court approval
What is a Will signing called?
Execution
If the executor lives outside of Texas, what must be appointed?
He must appoint a registered agent to service the process
The correct name for living will is
Directive to physician
Name given to another person to handle you funeral and what happens to your body is called?
Appointment of agent to control disposition of remainings
What is the most unique feature of that document?
That it has to be signed by the appointed agent
How are bank accounts and life insurance policies that pass outside the will called?
Non-probate- assets
How is “who gets what” in a will?
Bequest of beneficiary
