Wills Pt. 2

Question 1

Is the process of proving or establishing before a probate court that the document being offered for official recognition as the will of the decedent is in fact genuine.

Answer 1

Probating a will

Question 2

The court’s appointment of personal representative’s right to act on behalf of a deceased’s estate (executor)

Answer 2

Letters of testamentary

Question 3

Court order appointment (administration)

Answer 3

Letters of administration

Question 4

the body of the trust of the trust or property conveyed to the trust cared for by the trustee

Answer 4

Trust Property (Trust corpus)

Question 5

is one that’s effective during the lifetime of the grantor

Answer 5

Inter vivios trust (living trust)

Question 6

open paragraph of the will

Answer 6

Exordium clause

Question 7

loss of testamentary gift because the testator no longer owns the property at death

Answer 7

Ademption

Question 8

Having the mental capacity to execute a document (such as a will)

Answer 8

sound mind

Question 9

The clause in a will which disposes of all remaining assets after all debts are satisfied and all gifts are fulfilled

Answer 9

Residuary Clause

Question 10

Penalty clause in which a testator states that if any beneficiary contests the will, the beneficiary’s portion will be forfeited (not valid in some jurisdictions)

Answer 10

In terrorem (no contest) clause

Question 11

Fair Market Value

Answer 11

FMV

Question 12

When everything the Personal Representative does from the beginning till the end is supervised by the probate court

Answer 12

formal proceeding

Question 13

when the proceedings start formally but become less supervised after a Personal Representative is appointed

Answer 13

Informal Proceedings

Question 14

is absolute, legally enforceable ownership of property

Answer 14

Legal Title

Question 15

Future ownership or right of future ownership

Answer 15

Equitable title

Question 16

Is one that can not be revoked or amended by the grantor once its been established

Answer 16

Irrevocable living trust

Question 17

Is the creation if a trust by a grantor transfer of legal title if trust property to the trustee

Answer 17

Conveyance in trust

Question 18

Is a statement by which an owner of property acknowledge that he holds the property in trust for someone else in the trust instrument

Answer 18

Declaration of trust

Question 19

Is a trust created in the will

Answer 19

testamentary trust

Question 20

Allows the trustee to use their discretion in carrying out the purpose of the trust

Answer 20

Discretionary trust

Question 21

Created to provide dunes for the maintenance of a beneficiary and protect it from the inexperience of or improper spending by the beneficiary

Answer 21

Spendthrift trust

Question 22

One who spends money unwisely and wastefully

Answer 22

Spendthrifts

Question 23

Established for a chartable purpose, must be used for public purpose as apprised to specific individuals

Answer 23

Charitable (public) trusts

Question 24

The fruit of e capital, that which is over an olive the principle, interest earned from the capital

Answer 24

Trust Income

Question 25

Trust in which the trustor retained the power to revoke.

Answer 25

Revocable living trust

Question 26

A person that is appointed to take care of the property of an incompetent or minor

Answer 26

Conservator

Question 27

Universal Probate Code

Answer 27

UPC

Question 28

a substitute person that takes the place of the Personal Representative, in death, unwilling or can not act as the personal representative

Answer 28

Successor Personal Representative

Question 29

the court of which probates the will

Answer 29

Probate Court