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wills and estate 1 > wills and estates > Flashcards

wills and estates Flashcards

1
Q

ESTATE-

A

The amount, degree, nature, and quality of a person’s interest in land or other property

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2
Q

INTESTATE

A

One who died without a valid will

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3
Q

INTESTACY

A

The state or condition of a person’s having died without a valid will

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4
Q

HEIR

A

A person who, under the laws of intestacy, in entitled to receive an intestate decedent’s property

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5
Q

PARTIAL INTESTATE

A

One who has died with a valid will that does not dispose of all of his or her net probate estate

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6
Q

INTESTATE SUCCESSION

A

The method used to distribute property owned by a person who dies without a valid will

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7
Q

LINEAL DESCENDANT-

A

Descendant in a direct or straight line, as from father or grandfather to son or grandson

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8
Q

CHILD

A

A person under the age of majority

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9
Q

ISSUE

A

A point in dispute between two or more parties

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10
Q

BROTHER/SISTER-

A

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

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11
Q

NEXT-OF-KIN

A

The person or persons most closely related to a decedent by blood or affinity

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12
Q

PER STIRPES

A

Proportionately divided between beneficiaries according to their deceased ancestor’s share

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13
Q

PER CAPITA

A

Divided equally among all individuals, in the same class

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14
Q

WILL

A

The legal expression of an individual’s wishes about the disposition of his or her property after death

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15
Q

HOLOGRAPHIC WILL

A

A will that is handwritten by the testator

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16
Q

INVALID WILL

A

A will that fails to make an effective disposition of property

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17
Q

LAST WILL

A

The most recent will of a deceased

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18
Q

LIVING WILL

A

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

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19
Q

CODICIL

A

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

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20
Q

TESTATOR/TESTATRIX

A

Person who has made a will/A female testator

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21
Q

PERSONAL REPRESENTATIVE

A

A person who manages the legal affairs of another because of incapacity or death, such as the executor of an estate

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22
Q

EXECUTOR/EXECUTRIX

A

A person named by a testator to carry out the provisions in the testator’s will./A female Executor

23
Q

ADMINISTRATOR

A

A person who manages or heads a business, public office, or agency

24
Q

BENEFICIARY

A

A person for whose benefit property is held in trust; esp., one designated to benefit from an appointment, disposition or assignment

25
Q

BEQUEST/GIFT

A

The act of fiving property by will

26
Q

ATTESTATION CLAUSE

A

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

27
Q

TESTIMONIUM CLAUSE

A

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

28
Q

RESIDUE

A

Remainder of the estate after all specific bequeaths and payments have been made

29
Q

RESIDUARY BENEFICIARY

A

The person entitled to the whole of the deceased’s estate after the payment of all debts, funeral and testamentary expenses and legacies

30
Q

NON-RESIDUARY BENEFICIARY

A

Given specific amount of the deceased’s estate

31
Q

JOINT EXECUTORS

A

One of two or more persons named in a will as executor of an estate

32
Q

ALTERNATE EXECUTORS

A

A will maker’s second choice of executor, if the first choice does not choose to serve as executor

33
Q

PRECATORY

A

requesting, recommending, or expressing a desire for action, but in a nonbinding way

34
Q

DISPOSITIVE CLAUSE

A

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

35
Q

TRUST

A

A property or monetary interest held by one person at the request of another for the benefit of a third party

36
Q

SPECIFIC BEQUEST

A

A bequest of a specific or unique item of property, such as any real estate or a particular piece of furniture

37
Q

CONDITION PRECEDENT

A

An act or event, other than a lapse of time, that must exist or occur before a duty to perform something promised arises

38
Q

CONDITION SUBSEQUENT

A

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

39
Q

GIFT OVER

A

A property gift that takes effect after the expiration of a preceding estate in the property

40
Q

“COMMON DISASTER” CLAUSE

A

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

41
Q

CONTINGENT BENEFICIARY

A

Person designated by the testator to receive a gift if the primary beneficiary is unable or unwilling to take the gift

42
Q

PROBATE

A

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

43
Q

AND HIS HEIRS

A

term of art formerly required to transfer complete title to real estate

44
Q

BOND (RE: SURROGATE MATTER APPLICATION)

A

An obligation; a promise

45
Q

RENUNCIATION

A

The act of waiving a right under a will

46
Q

LAPSE

A

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

47
Q

ADEMPTION

A

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

48
Q

ABATEMENT

A

The act of eliminating or nullifying

49
Q

CLAIMANT

A

One who asserts the right or demand, esp. Formally; esp., one who asserts a property interest in land, chattels, or tangible things

50
Q

RELEASE

A

The act of giving up a right or claim to the person against whom it could have been enforced (discharge; surrender)

51
Q

AFFIDAVIT

A

Voluntary declaration of facts written down and sworn to by the declarant before an officer authorized to administer oaths

52
Q

NOTICE OF MOTION

A

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

53
Q

ESTATE PLANNING

A

Preparation for the distribution and management of a person’s estate at death through the use of wills, trusts, insurance policies and other arrangements

wills and estate 1 (1 decks)

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