Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Wills, Trusts, and Estates > Chapter 1 & 2 > Flashcards

Chapter 1 & 2 Flashcards

(64 cards)

Start Studying
1
Q

Estate Plan

A

Arranging assets to gain benefits both in life and death maximizing financial benefits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Gross Estate

A

The total dollar value of all property and assets in which an individual had interest in at the time of their death.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Will

A

Legally enforceable written document

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Testamentary

A

Effective on death

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Ambulatory

A

Subject to change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Disposition

A

Transfer or conveyance or distribution of property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Types of Wills

A

Holographic, nuncupative, statutory, and typed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Statutes and Codes

A

Laws that govern distribution of property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

U.P.C.

A

Uniform Probate Code

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Uniform Probate Code

A

Minnesota adopted most but not all of the Code
Formal and informal Probate
Probate court-Domicile

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Beneficiary

A

A person entitled to receive property under a will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Devisee/Legatee

A

A person who receives a gift of real property under a will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Codicil

A

An amendment to a will, that may modify or revoke provisions but does not invalidate. not used frequently anymore.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Requirements of a Will-Legal Capacity

A

18 years of age or older

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Requirements of a Will-testamentary capacity

A

Soundness of mind

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Requirements of a Valid Will

A 
Written document
Witnesses 
Signed by maker
Legal and testamentary capacity 
Execution of a valid will
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Execution of a valid will

A

U.P.C.
Two witnesses
Self-proving affidavit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Provisions in a Will: Apportionment Clause

A

The residuary beneficiary will pay estate taxes. The simplest way for a personal representative to figure out from what money the taxes should be paid.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Provisions or Articles in a Will-Residuary Clause

A

A clause in a will the disposes of the remaining assets (residue) of the decedent after all debts and gifts in the will are satisfied

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Probate

A

A court that supervises the administration of the estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Decedent

A

The person who has died

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Intestate

A

Dying with out a “valid will”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Testate

A

Dying with a valid will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Testator/testatrix

A

Make and female maker of wills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Letters of instruction
A document that specifies the testators instructions for organ donation and funeral and burial plans. It can also be an all-inclusive checklist of various personal and estate information to help the family and personal representative locate and identify property and documents necessary to administer the estate.
26
Heir
A person who receives a gift of real property from intestate
27
Next of Kin
The closest blood relatives of decedent
28
Trust
The right of property, real and personal to be held by one for the benefit of another
29
Settlor/Creator/Trustor
Person who creates trust
30
Trust "res"
Property of the trust
31
Trustee
Person having legal title to property who takes control and administers
32
Beneficiary
Holds equitable title and receives benefit of trust
33
Legal Title
The form of ownership of trust property held by the trustee giving the trustee the right to control and manage the property for another's benefit, I.e. The holder of the equitable title
34
Equitable title
The right of the party who holds the equitable title or beneficial interest to the benefits of the trust. The party has the right to have the legal title transferred to him.
35
Testamentary trust
Effective on death
36
Inter-vivos Trusts
Effective during ones life
37
Fiduciary
Person holding highest duty of care
38
Types of fiduciary
``` Personal representative Administrator or administratrix Trustee Guardian Conservator ```
39
Real property
Realty or real estate. Land and generally whatever is built on it or growing on or affixed (permanently attached) to the land.
40
Personal property
Moveable property. Everything subject to ownership that is not real estate.
41
Tangible personal property
Property that can be touched. I.e. Furniture, jewelry, or a car.
42
Intangible personal property
A personal property interest that cannot be touched or moved. I.e. The right to sue another person, cash, stocks and bonds.
43
How do fixtures (personal property) become real property?
If the removal of this fixture would result in lower value of the real property, then it becomes real property. I.e. Furnace in a building, or carpet on the floor.
44
Deed
A written document where the grantor(s) convey title to real property to grantee(s)
45
Gross estate
All of a persons property before deductions (debts, taxes, and other expenses or liabilities) that is subject to the federal estate tax.
46
Disinherit
Elective or forced share of spouse, right to claim under the will intestate share
47
Property ownership: types of concurrent ownership-Joint Tenancy
Ownership of real or personal property by two or more persons with the right of survivorship
48
Property Ownership: Types of concurrent ownership-Tenancy in Common
The ownership of undivided interest of real or personal property by two or more personals without the right of survivorship. Each person has the right to hold or occupy the whole property in common with the other co-tenants, and each is entitled to share in the profits derived from the property. Unlike a joint tenancy, when a tenant in common dies, the decedents interests goes to an heir or as directed in will.
49
Property Ownership: Types of concurrent ownership-Tenancy by the Entirety
A form of joint tenancy with the right of survivorship available only to a husband and wife. Essentially joint tenancy modified by the common law theory that husband and wife are one person. Neither one of the tenants can sever the tenancy without the consent of the other spouse.
50
Property Ownership: Types of concurrent ownership-Community Property
All property, other than property received by gift, will, or inheritance, acquired by either spouse during marriage that is considered to belong to both slides equally in the nine community property states.
51
Joint Tenancy-Advantages
Avoids Probate Passes by operation of law Passes free of claims of creditors If husband and wife no estate and gift tax Avoids ancillary administration If bank accounts provides immediate access to funds Created inexpensively
52
Joint Tenancy-Disadvantages
Person gives up sole ownership
53
Common Law Four Unities:
Unity of Time Unity of Possession Unity of Interest Unity of Title
54
Unity of Time
Joint tenant owners must receive or take their interests in property together. At the same time.
55
Unity of title
The tenancy must be created and the tenants must receive their title (ownership rights) from a single source. I.e. Same will or deed.
56
Unity of interest
Each tenant must have an interest in the property identical with that of the other tenants; he interests must be of the same quantity and duration
57
Unity of possession
Each joint tenant must own and hold the same undivided possession of the whole property held in joint tenancy. The right to possess the entire property and share equally in the profits and losses derived from the property
58
Straw man
Transfer from individual owners to two or more as joint tenants
59
Severance
Act of terminating joint tenancy
60
Estates in Real Property: Freehold
Fee simple absolute and life estates
61
Estates in real property-Leasehold
Divides the right of ownership. Extent and duration of the individuals interest or according to how long and how much of an interest a person has in realty
62
Future interests: Reversion
The interest in real property that a grantor retains when a conveyance of the property by deed or by will transfers an estate smaller than what the grantor owns. The real property reverts back to the grantor.
63
Future Interests: Remainder
The balance of an estate after all the other provisions of the will have been satisfied
64
Waste
Any act or omission that does permanent damage to real property or unreasonably changes its character or value

Wills, Trusts, and Estates (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions