Wills Pt. 1 Flashcards
Legal declaration of a persons intent to distribute property after his/her death
Will
Related by blood
consanguinity
Related by marriage
Affinity
A person who dies without a valid will
Intestate
Death without a valid
Intestacy
A document that will formally amend a will
codicil
a form of joint tenancy that is only available to a husband and wife
tentant by the entirety
Ownership in property by two or more persons in which each owner has an undivided interest in the property without a right of survivorship
Tenancy in common
Bank account held “in trust” for another
Totten trust
Property that is moveable and touchable
tangible property
property that evidence ownership in something of value but has no value by itself (stocks, bonds, deeds)
Intangible Property
A tenancy which allows a person to own real property for his or her life only
Life Estate
A will which is drafted solely in the handwriting of the testator
Holographic will
An oral will
nuncupative will
the deceased person
decedent
Methods to accumulate, manage, and dispose of one real and personal property by the owner of the property by both premortem and postmortem
Estate Planning
Fiduciary who holds legal titles to trust property of the benifit of the equitable title holder
Trustee
Personal representative of a will (masculine)
Executor
Personal representative of a will (female)
Executrix
Person appointed by a court to represent the estate of a decedent that died intestate
administrator
female personal representative, assigned by the court
Administratrix
the right of a terminally ill person to refuse life sustaining treatment
Right to die
the act of giving property by will
Devise
One who dispose of property in a will
Devisor