wills and estates Flashcards
ESTATE-
The amount, degree, nature, and quality of a person’s interest in land or other property
INTESTATE
One who died without a valid will
INTESTACY
The state or condition of a person’s having died without a valid will
HEIR
A person who, under the laws of intestacy, in entitled to receive an intestate decedent’s property
PARTIAL INTESTATE
One who has died with a valid will that does not dispose of all of his or her net probate estate
INTESTATE SUCCESSION
The method used to distribute property owned by a person who dies without a valid will
LINEAL DESCENDANT-
Descendant in a direct or straight line, as from father or grandfather to son or grandson
CHILD
A person under the age of majority
ISSUE
A point in dispute between two or more parties
BROTHER/SISTER-
A male who has one parent or both parents in common with another person/A female who has one parent or both parents in common with another person
NEXT-OF-KIN
The person or persons most closely related to a decedent by blood or affinity
PER STIRPES
Proportionately divided between beneficiaries according to their deceased ancestor’s share
PER CAPITA
Divided equally among all individuals, in the same class
WILL
The legal expression of an individual’s wishes about the disposition of his or her property after death
HOLOGRAPHIC WILL
A will that is handwritten by the testator
INVALID WILL
A will that fails to make an effective disposition of property
LAST WILL
The most recent will of a deceased
LIVING WILL
An instrument, signed with the formalities statutorily required for a will, by which a person directs that his or her life not be artificially prolonged by extraordinary measures when there is no reasonable expectation of recovery from extreme physical or mental disability
CODICIL
A supplement or addition to a will, not necessarily disposing of the entire estate but modifying, explaining, or otherwise qualifying the will in some way
TESTATOR/TESTATRIX
Person who has made a will/A female testator
PERSONAL REPRESENTATIVE
A person who manages the legal affairs of another because of incapacity or death, such as the executor of an estate
EXECUTOR/EXECUTRIX
A person named by a testator to carry out the provisions in the testator’s will./A female Executor
ADMINISTRATOR
A person who manages or heads a business, public office, or agency
BENEFICIARY
A person for whose benefit property is held in trust; esp., one designated to benefit from an appointment, disposition or assignment
BEQUEST/GIFT
The act of fiving property by will
ATTESTATION CLAUSE
Provision at the end of an instrument that is signed by the instruments witness and that recites the formalities required by the jurisdiction in which the instrument might take effect
TESTIMONIUM CLAUSE
A provision at the end of an instrument reciting the date when the instrument was signed, by whom it was signed , and in what capacity
RESIDUE
Remainder of the estate after all specific bequeaths and payments have been made
RESIDUARY BENEFICIARY
The person entitled to the whole of the deceased’s estate after the payment of all debts, funeral and testamentary expenses and legacies
NON-RESIDUARY BENEFICIARY
Given specific amount of the deceased’s estate
JOINT EXECUTORS
One of two or more persons named in a will as executor of an estate
ALTERNATE EXECUTORS
A will maker’s second choice of executor, if the first choice does not choose to serve as executor
PRECATORY
requesting, recommending, or expressing a desire for action, but in a nonbinding way
DISPOSITIVE CLAUSE
the clause of conveyance by which the grantor describes the property conveyed, its conditions or burdens, the name of the grantee, and the destination to heirs
TRUST
A property or monetary interest held by one person at the request of another for the benefit of a third party
SPECIFIC BEQUEST
A bequest of a specific or unique item of property, such as any real estate or a particular piece of furniture
CONDITION PRECEDENT
An act or event, other than a lapse of time, that must exist or occur before a duty to perform something promised arises
CONDITION SUBSEQUENT
a condition, that if it occurs, will bring something else to an end; an event the existence of which, by agreement of the parties, discharges a duty of performance that has arisen
GIFT OVER
A property gift that takes effect after the expiration of a preceding estate in the property
“COMMON DISASTER” CLAUSE
provision in a dispositive instrument, such as an insurance policy or a will, that seeks to cover the situation in which the transferor and transferee die in a common disaster
CONTINGENT BENEFICIARY
Person designated by the testator to receive a gift if the primary beneficiary is unable or unwilling to take the gift
PROBATE
The judicial procedure by which a testamentary document is established to be a valid will; the proving of a will to the satisfaction of the court
AND HIS HEIRS
term of art formerly required to transfer complete title to real estate
BOND (RE: SURROGATE MATTER APPLICATION)
An obligation; a promise
RENUNCIATION
The act of waiving a right under a will
LAPSE
To pass away or revert to someone else because conditions have not been fulfilled or because a person entitled to possession has failed in some duty
ADEMPTION
The destruction or extinction of a testamentary gift by reason of a bequeathed asset’s ceasing to be part of the estate at the time of the testator’s death; a beneficiary’s forfeiture of a legacy or bequest that is no longer operative
ABATEMENT
The act of eliminating or nullifying
CLAIMANT
One who asserts the right or demand, esp. Formally; esp., one who asserts a property interest in land, chattels, or tangible things
RELEASE
The act of giving up a right or claim to the person against whom it could have been enforced (discharge; surrender)
AFFIDAVIT
Voluntary declaration of facts written down and sworn to by the declarant before an officer authorized to administer oaths
NOTICE OF MOTION
Written certification that a party to a lawsuit has filed a motion or that a motion will be heard or considered by the court at a particular time
ESTATE PLANNING
Preparation for the distribution and management of a person’s estate at death through the use of wills, trusts, insurance policies and other arrangements
