How to become famous Flashcards
particular item or property in an estate transferred to beneficiary on owner’s death. Specifics must be provided. (house, jewelry, etc.)
Specific gift
does not refer to specific item. (all my personal possessions)
Non-specific gift
everything left in estate after all debts, bills and taxes have been paid and specific and non specific gifts have been distributed
Residuary gift
executors will keep for safekeeping gifts to children under 18 until they become of age unless will specifies guardian or parents take receipt of gift on child’s behalf
Gifts to children
Gifts left to charity in will are free from inheritance tax.
Gifts to charities
person who forms the trust and supplies the assets
Grantor
person named in the trust to administer the trust according to the terms and state trust law
Trustee
the person for whose benefit the trust property is held by the trustee
Beneficiary
must have a valid legal purpose
Intent from grantor
asses subject to the trust
Property
Trust in which you assign the management of your assets to a trustee while you are living
Living trust
Living trust that can be dissolved
Revocable living trust
Living trust that cannot be changed, although it can provide income to the grantor
Irrevocable living trust
a document to make your family aware of the type of care you want to receive if you should become terminally ill, on life support or permanently unconscious. This document is only effective in the event you are unable to express your wishes yourself
A Living Will
spoken testaments given before witnesses. Not widely recognized from a legal perspective
Oral Will
