chapter 8 Flashcards
(39 cards)
Intestate
To die without a will
Estate
Entirety of a persons assets and liabilities
Probate
Process of determining will is valid, appointing of administrator
Decedent
Person who has died
Per Capita
Per Person
Per Stripes
Per Family Line
Administrator
Person appointed to manage estate
Executor
Person appointed to manage an estate
Testator
Person appointed to manage as estate
Bond
A security to guarantee performance
Testamentary Trust
Trust created in a will
Inter vivos trust
Trust created during settler’s lifetime also called a living trust
Pour-over Will
Transfers assets to a trust
Elective Share
Also called forced inheritance legal requirement that spouse inherit percentage
Attestation
Witnessing the signing of a will and signing as verification
Holographic
In testator’s own handwriting
Nuncupative
Oral, spoken to another person, generally only valid for those in the armed services
Self-Proving
Witnesses have signed sworn statement testimony in court may be excused
Affidavit
Sworn Statement
Mystic
Sealed until testator’s death
Reciprocal
Wills with mirror terms as an agreement between testators
Interested Witnesses
Person who stands to benefit by some provision in the will
Codicil
Amendment or Addition to the will
Incorporation by reference
Making an outside document part of the current document by description