Wills, Trusts, Estates

Question 1

Estate Planning

Answer 1

A will and associated documentation bundled together.

Question 2

Will

Answer 2

A written declaration of a persons intent to distribute property after his or her death.

Question 3

Title to Property

Answer 3

Self explanatory

Question 4

Ambulatory

Answer 4

Will, executed while the person is alive are ambulatory documents, meaning they are legally binding only upon his death.

Question 5

Beneficiary

Answer 5

The person that receives property under a will or the holder of an equitable title under a trust.

Question 6

Testator

Answer 6

Will creator. Person who dies with a valid will

Question 7

Execute

Answer 7

Sign, as in affixing one’s signature to a will or contract.

Question 8

Intestate

Answer 8

A person who dies without a valid will.

Question 9

Intestate Succession

Answer 9

The process of determining who will inherit the property of a person who dies without a valid will.

Question 10

Estate

Answer 10

The property of a decedent; interest in land.

Question 11

Apportionment Clause

Answer 11

A clause in a will that allocates the tax burden among the residuary estate and the beneficiaries of the will. Otherwise the taxes would come only from the residuary

Question 12

Guardian

Answer 12

Person named in the will or appointed by the court to have custody and take care of incapacitated persons or minors.

Question 13

Guardian of the Person

Answer 13

They care for the person.

Question 14

Guardian of the Property

Answer 14

They care for the incapacitated person’s property.

Question 15

Settlor

Answer 15

Trustor of personal property trust.

Question 16

Trustee

Answer 16

Fiduciary who holds legal title to trust property for the benefit of the equitable title holders.

Question 17

Testamentary Trust

Answer 17

A trust created by a will.

Question 18

Personal representative

Answer 18

The person with the fiduciary responcibility to administer a decedents estate. Also called an executor.