Chapter 52 Flashcards
(28 cards)
What is the term for settling an estate through the court system?
Probate
Beneficiary
The person who receives property under a will
What is the term for the process by which an individual decides what to do with their real and personal property during and after life?
Estate planning
The individual who writes the will.
Testator
How must a trust terminate
On a set date
When an event occurs
When a person dies without a will then that individual is said to have died
Intestate
What uniform law deals with areas of estate planning including topics in wills and gifts?
Uniform Probate Code
What are the reasons that individuals engage in estate planning?
Provide for family financially
Arrange property to lower taxes
Promote family harmony
What is the term for when a testator is take advantage of and persuaded to write a will in a particular way due to a weak physical or emotional state?
Undue influence
An expression of wishes regarding the limits of health treatment?
Advance directives
An agent who is allowed to make medical decisions for a principal who is incapacitated
Health care proxy
In addition to the necessity that a testator sign a will, who else is required to sign it?
Witnesses - in order to attest the will
What is the term for a written document that allows an agent to make future medical decisions for a principal?
Durable power of attorney
What is the name of the individual who collects and distributes the property of a decedent’s estate?
Personal representative
With a trust, a settlor delivers and transfers legal title to property to a what, who holds and uses the property for the benefit of a third person
Trustee
The requirement that a person be old enough and of sound mind to write a will.
Testamentary capacity
What is the term for a persons write to place limits on other peoples efforts to prolong life?
Right to die
The person who created a trust
Settlor
What is the term for a document that expresses the wishes of an individual as regards to their medical treatment?
Living will
What is the term for an entity that allows transfer of property to one person and then have the property’s benefit given to another person?
A trust
What is it called when a will is terminated or no longer has effect?
Revoking or canceling
What allows a testator to change a will?
The fact that it is ambulatory
What is the term for state statutes that govern what occurs when a person dies with no will?
Intestacy statutes
What is the term for when the testator relies on false statements when a will is made?
Fraud
