chapter 8 Flashcards

(39 cards)

1
Q

Intestate

A

To die without a will

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2
Q

Estate

A

Entirety of a persons assets and liabilities

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3
Q

Probate

A

Process of determining will is valid, appointing of administrator

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4
Q

Decedent

A

Person who has died

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5
Q

Per Capita

A

Per Person

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6
Q

Per Stripes

A

Per Family Line

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7
Q

Administrator

A

Person appointed to manage estate

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8
Q

Executor

A

Person appointed to manage an estate

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9
Q

Testator

A

Person appointed to manage as estate

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10
Q

Bond

A

A security to guarantee performance

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11
Q

Testamentary Trust

A

Trust created in a will

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12
Q

Inter vivos trust

A

Trust created during settler’s lifetime also called a living trust

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13
Q

Pour-over Will

A

Transfers assets to a trust

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14
Q

Elective Share

A

Also called forced inheritance legal requirement that spouse inherit percentage

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15
Q

Attestation

A

Witnessing the signing of a will and signing as verification

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16
Q

Holographic

A

In testator’s own handwriting

17
Q

Nuncupative

A

Oral, spoken to another person, generally only valid for those in the armed services

18
Q

Self-Proving

A

Witnesses have signed sworn statement testimony in court may be excused

19
Q

Affidavit

A

Sworn Statement

20
Q

Mystic

A

Sealed until testator’s death

21
Q

Reciprocal

A

Wills with mirror terms as an agreement between testators

22
Q

Interested Witnesses

A

Person who stands to benefit by some provision in the will

23
Q

Codicil

A

Amendment or Addition to the will

24
Q

Incorporation by reference

A

Making an outside document part of the current document by description

25
Ancillary Administration
Additional probate process because descendant owned property in another state
26
Step-Up Basis
Readjustment of "beginning" value of property upon inheritance
27
Capital Gains
Tax on difference between sales price and acquisition price
28
Carry Over Basis
Beneficiary inherits property subject to gain during testator's lifetime
29
In Terrorem Clause
Provision threatening that anyone challenging legality of will or any part of it will be cut off or given a dollar amount instead of the gift provided in the will
30
Undue Influence
Domination such that victim cannot exercise free will
31
Fraud
False Statement of material fact, made with intent to deceive on which the victim reasonably relied
32
Duress
Compulsion by Threat
33
Trust
Property is held in mane of trustee for benefit of beneficiaries
34
Trustee
One who holds property for the benefit of another
35
Grantor
Person who creates trust
36
Settlor
Person who creates trust
37
Beneficiaries
Person who receives benefits of trust assets
38
Revocable
Trust in which settlor can terminate trust and regain control of assets
39
Life Estate
Ownership that terminates with death