DYING WITH A WILL (PG. 447-459) Flashcards
WILL
a legal document that appoints the person or persons entrusted to manage the distribution of a deceased person’s estate, sets out the powers and duties of that person, and states who is ultimately entitled to a share of the property of the estate
TESTATOR (MALE) OR TESTATRIX (FEMALE)
Person who makes a will or dies leaving a will
ESTATE
All real property and personal property hte deceased owned on the date of death
NET VALUE OF THE ESTATE
Value after payment of the deceased’s debts and expenses
LEGACY/BEQUEST
A gift passed through the will
GENERAL BEQUEST
A legacy of monetary value paid out of the general assets of the estate
SPECIFIC BEQUEST
An explicit and identifiable asstes
DEMONSTRATIVE BEQUEST
A monetary legacy where there is direction to satisfy the bequest from the proceeds of a specific asset or property
ADEMPTION
Gift becomes void due assets no longer in the estate at the time of the testator’s death
ABATEMENT
Assets cannot support the full bequest
RESIDUAL BEQUEST
Assets remaining in the estate after all other bequests have been satisfied
LAPSES
No contigent beneficiary was appointed to receive a specific gift
GIFT-OVER PROVISION
A gift passes to contigent beneficiary if the first beneficiary predeceases the testator
RESIDUAL ESTATE
The remainder of the estate after the payment of debts, expenses, taxes and legacy distributions
PER STIRPES
Children of a deceased parent share in the inheritances their parent would have received had he/she survived the deceased testator.
