Final Review Flashcards
(26 cards)
What is it called to die without a will?
Intestate
What is it called when you die with a will?
Testate
Why do people start drafting their will?
People make a will when they get older so they can start looking poor on paper.
What kind of trusts are inside a will?
trust for minors, supplemental needs trust
What is probate?
The process of contesting a will’s validity in a court. A will can only be contested when the testator dies.
What is a testator?
The owner/creator of the trust
What is a life estate?
You can live in your home until you die even though the property is in a trust.
What is a will?
It represents the wishes of a person for when they are no longer living.
What is undue influence?
When a person in position of trust uses the close relationship to convince the testator to draw a will.
Does a will need to be notarized?
No
When does a will take effect?
Once the testator dies.
Can the testator change or revoke the will?
Yes, the testator has a right to change or revoke the will using three methods.
1. by amendment
2. by operation of law
3. by revocation
Does a will need to be published?
Yes, this usually is said in the First paragraph. This means the testator is acknowledging that it is their will. (do hereby make, publish. . .)
What is an ADF?
Attorney Drafts Person. This is the attorney that drafts the will.
Why should the testator fill in the date of a will?
It shows testamentary capacity.
Who should write the check to pay for the will?
The client should write the check to show capacity and that they were not influenced by someone in the will or close to them.
If a beneficiary is assigned and their issue is included, what does this mean?
If “issue” is stated it includes kids and grandkids and so forth as also beneficiaries.
What is a simultaneous death clause?
A provision indicating how property is to be distributed if the testator and the heir die in a common disaster. It keeps control of who gets your assets if the beneficiary does not get enough time to enjoy them.
What is a Testatrix?
This is used in a woman’s will in place of the testator.
What is an Affidavit of Witness?
A sworn testimony of witness stating the testators capacity.
What is a self proving will?
This kind of will is not required to have an after death affidavit.
What is a self-proving will?
A will that has been affixed a notarized affidavit signed by the attesting witnesses, in which they affirm all of the information required by a probate court to admit the will to probate. This kind of will does not require an after-death affidavit.
What is standing?
The legal right to challenge or contest a will.
What makes a will valid?
It must have a testator’s signature and two witness signatures.
