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Unit 11 Wills, Trusts, and Estates
Terms in this set (91)
A person who is appointed by the court to manage the estate of a person either who died without a will or whose will failed to name an executor or named an executor who declined or was ineligible to serve. The administrator of an estate is also referred to as a personal representative.
Adminstrator cum testamento annexo
The court-appointed administrator of the estate of a decent whose executor has died or resigned. De bonis non, a Latin phrase meaning "with will attached", is often abbreviated CTA.
Administrator de bonis non
The court- appointed administrator of the estate of a decedent whose executor has died or resigned. De bonis non, a Latin phrase meaning "goods not administered", is often abbreviated.
A term for the various instruments a person can use to ensure that her wishes with respect to health care are carried out if she is no longer able to speak for herself. Example: a health-care proxy; a living will.
To swear to; to bear witness to; to affirm to be true or genuine
The act of witnessing the signing of a document. including signing one's name as a witness to that fact.
A clause, usually at the end of a document such as a deed or a will, that provides evidence of attestation. Examples: "signed, sealed, and delivered in the presence of"; "witness my hand and seal"
A person who witnesses the signing of a document.
1. A person who receives a benefit
2. A person who has inherited or is entitled to inherit under a will.
3. A person for whom property is held in trust.
4. A person who is entitled to the proceeds of a life insurance policy when the insured dies.
5. A person designated by statute as entitled to the proceeds of a legal action such as a wrongful death action.
leave (a personal estate or one's body) to a person or other beneficiary by a will.
(n) something left to someone in a will;
Also called a credit shelter trust or credit trust. This is used for estate planning purposes so that a deceased spouse's estate passes or goes to a trust instead of to the surviving spouse. This is generally used by married couples to pass money on to their children and bypass as much government estate taxes as is possible.
an addition or supplement that explains, modifies, or revokes a will or part of one.
1. Legal capacity. The ability to execute binding contracts, wills, etc.
2. A testator is considered competent if she understands the general nature and extent of her property, potential beneficiaries of the estate, and the purpose of a will.
3. The right to sue and be sued
The rights a man had under common law with respect to his wife's property. These rights have been modified in every state, and the rights are extended to a wife in her husband's property.
A legal term for a person who has died
The total property, real and personal, that a decedent owns at the time of her death.
A gift of real property by will, although it is often loosely used to mean a testamentary gift of either real property or personal property.
1. To dispose of real property by will.
The beneficiary of a devise. one who inherits real estate under a will
Testator by whom real property is devised by way of his
a trust in which broad discretion is vested in the trustee and is to be exercised by her in carrying out the purposes of the trust.
1. The act of the adminstrator of an estate in allocating the decedent's property among his heirs, or by an executor of the estate where the decedent left a will
The legal right or interest,that a wife acquires by marrying in the property of her husband. Dower no longer exist, or has been modified in most states, but every state retains aspect of the concept for the protection of both spouse.
Durable power of attorney
A power of attorney that remains effective even though the grantor becomes mentally incapacitated. Some durable powers of attorney become effective only where a person is no longer able to make decisions for herself.
Example: A health-care proxy; a living will
In some states, the share a surviving spouse may elect to take in the estate of the deceased spouse.
1. The property left by a decedent
2. The right, title, and interest a person has in real or personal property, either tangible or intangible. Estates in real property (estate in land or landed estates) include both freehold estates.
Estate of inheritance
Also known as a fee, a freehold interest in land that is inheritable; (interest that the tenant is not only entitled to enjoy for his own lifetime, but which, after his death, he leaves no will, his heirs, will inherit under the intestate laws).
Estate per autre vie
An estate that is to last for the life of a person other than the tenant. "I give Black acre to my son-in-law, Samuel Jone, for as long as my daughter, Mary Brown Jones, shall live"
Pre-death arrangement of a person's property and estate best calculated to maximize the estate for the beneficiaries during and after the person's life.
A tax imposed by the federal government and most states upon the transmission of property by a deceased person. The tax is imposed upon the net estate of the decedent without reference to the recipient's relationship to the decedent or to the amount a recipient receives. An estate tax is a transfer tax.
Estate upon condition
An estate whose existence, enlargement, or termination is conditioned upon the happening of as particular event. Such conditions are either expressed in the deed, will, or other instrument that creates the estate, or they are implied by law.
To sign a document
1. Completed, performed, or carried out.
A person designated by a testator to carry out the directions and requests in the testator's will and to dispose of his property according to the provisions of his will.
That which is based upon trust or confidence; the relationship between a fiduciary and his principal.
A person who is entrusted with handling money or property for another person.
The duty to act loyally and honestly with respect to the interests of another; the duty the law imposes upon a fiduciary.
Those persons whom the testator or donor cannot deprive of the portion of his estate reserved for them by the law, except in cases where he has reason to disinherit them.
Guardian ad item
A person appointed by the court to represent and protect the interests of a minor or an incompetent person during litigation.
Persons, often lawyers, who troll probate court filings from public administrator. When documents show missing heirs to a rich estate, hunters locate heirs and offer inheritance information- for a fee.
A will that is entirely written and signed by the testator in his own handwriting. Sufficient protection against forgery.
Inter vivos trust
The statue of the estate or property of a person who dies without leaving a valid will.
Pertaining to a person, or to the property of a person, who dies without leaving a valid will. Example: "John died without a will and left an intestate estate"
1. A person who dies without leaving a valid will.
2.The status of a person who dies without leaving a valid will.
The estate of a person who dies without leaving a valid will.
State statutes that set forth the rules by which property passes when a person dies intestate.
Inheritance from a person who dies intestate.
All persons who are descendants of one ancestor, including all future descendants. However, when used in a will, "issue" will be taken to mean children or grandchildren, or all living descendants of one ancestor, including all future descendants, if that is the testator's intention.
A devise that was good when the will was made but has failed since then because of the death of the legatee before the death of the testator.
Accurately, a gift of personal property by will, although the term is often used loosely to mean any testamentary gift; a bequest
A person who receives personal property as a beneficiary under a will, although the word is often used loosely to mean a person who receives a testamentary gift of either personal property of real property.
a person who makes a gift of personal property by a will to the legatee
Letters of administration
The formal document issued by the probate court appointing an administrator for an estate.
1. An inter vivos trust. A trust created during the lifetime of its creator and becomes efective in his lifetime, as opposed to a testamentary trust which takes effect at death
2. An active trust
A will declared orally by a testator during his last illness, before witnesses, and later reduced to writing by a person who was present during the declaration.
"by the head"
1. For each person
2. A method of dividing an estate in which all persons who are equally related to the decedent share equally in the estate
"by the root"; according to class; by representation. This is a method of dividing or distributing an estate in which the heirs of a deceased heir share the portion of the estate that the deceased heir would have received had he lived.
Provision in a will that directs that the property be distributed into a trust.
die before another person
A child of a testator who is omitted from the testator's will. Generally the right of such a child to share in the decedent's estate depends on whether the omission, a statute might provide that such child shall share in the estate as though the testator died without a will.
1. The judicial act whereby a will is adjudicated to be valid
2. A term that describes the functions of the probate court, including the probate of wills and the supervision of the accounts and actions of administrators and executors of decedent's estates.
Portion of a will that states that the instrument reflects the wishes of the testator.
Right to die
This refers to the right of a person to determine what limits, if any , she wishes to impose with respect to efforts to prolong her life is she becomes gravely ill.
a person who promises to pay the debt or to satisfy the obligation of another person
In some states, the title of a judge who presides in probate court.
The status of the estate or property of a person who dies without leaving a valid will.
1. A will.
Pertaining to a will; pertaining to a testament
The mental capacity of a testator, at the time of making her will, to be able to understand the nature of her act and, generally if not precisely, the nature and location of her property and the identity of those persons who are the natural objects of her bounty
1. A gift that is the subject of a testamentary disposition
2. A generic term for a legacy, bequest, or devise.
An instrument whose language clearly indicates that its author intended to make a disposition of his property, or some of his property, to be effective upon his death.
For a court to admit a will to probate, it must determine that the testator intended the instrument to be her last will.
A trust created by will
Pertaining to a person, or to the property of a person, who dies leaving a valid will.
1. A person who dies leaving a valid will
2. The status of a person who dies leaving a valid will.
The estate of a person who dies leaving a valid will
Taking property under a will rather than by inheritance
A person who dies leaving a valid will
A fiduciary relationship involving a trustee who holds trust property for the benefit or use of a beneficiary. Property of any description or type may properly be the subject of a trust.
Phrase sometimes used to mean the property held by the trustee for the benefit of the beneficiary, and sometimes used to mean the interest that the beneficiary has in the property.
1. A fund held in trust by a trust company or other trustee.
2. A fund that, although not held in trust in the technical sense, is held under a relationship "of trust" that gives one the legal right to impose certain obligations upon the holder of the funds.
Money held in a trust account.
An instrument stating the terms and conditions of a trust
A document in which a trust is created
Trust inter vivos
A trust that is effective during the lifetime of the creator of the trust
An officer of a financial institution who manages trust funds.
Property that is the subject of a trust. It is also referred to as the trust res, the res o the trust or the corpus of the trust.
The person who holds the legal title to trust property for the benefit of the beneficiary of the trust, with such powers and subjects to such duties as are imposed by the terms of the trust and the laws.
Trustee ad litem
A trustee appointed by the court, as opposed to a trustee appointed in a trust instrument.
Uniform probate code
An act promulgated in 1969 to streamline and make the probate process more uniform throughout the country. The law was intended to be adopted by all the states; however, less than half have adopted it or some portion of it.
1. That which cannot be taken away; indefeasible
2.Absolute; definite; established;fixed
An instrument executed with required formality by a person making disposition of their property to take effect upon their death.
An attempt to defeat the probate of a will, commonly referred to as an attempt to "set aside the will"
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