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13 terms

BUSI FINAL EXAM 2301 2

second set
STUDY
PLAY
Holographic Will
A will that is completely handwritten
Noncupative Will
Term for an oral will; might be valid in only the most unusual circumstance (for example, where the testator was under the imminent danger of death)tape recording
Testamentary Capacity
A testator must be of sound mind and legal age
Living Will
A document in which a person directs his or her physician and/or health proxy to forgo certain extraordinary medical procedures if the person is dying or permanently unconscious
Codicil
A document which gives the ability to revoke, alter, or revise the will
Trust
A device or mechanism that permits personal or real property to be held by one party, the trustee, for the benefit of another, the beneficiary
Trustee
Manages personal or real property
Requisites of a Will
Must be 14 years of age or older, 2 credible witnesses
Requirement of Witness
Formal, printed, signed.
Undue Influence
Pressure applied to a testor
Living Wills
Sustaining or withdrawing life support
Revisions
Any alterations such as erasures, words crossed out, or handwritten insertions
Codicil
Revokes, alters, or revises a will