Grammer (trusts) Flashcards
(22 cards)
What is a codicil?
A change to an existing will that must follow rules and regulations to be upheld.
What is probate?
The process of determining who should receive the assets of a deceased person. Intentions are considered in the process.
(It takes a long and expensive time.)
What is escheat?
When someone dies with absolutely no heirs, their assets are taken by the state.
Who is a testator?
Anyone who makes a will (male). A female who makes a will is called a testatrix.
What is a trust?
An entity created to hold property, mostly to avoid probate.
Who is a trustor?
The person who pledges assets to a trust.
Who is a trustee?
The person who manages the assets within a trust according to the truster’s wishes and the best interests of the beneficiaries.
What are revocable trusts?
Trusts where the trustor has the power to take back the trust and can be changed anytime through a trust amendment.
What is an irrevocable trust?
The trustor isn’t able to take back the trust once it’s formed.
What is alienation in real estate?
Transfer of real property from one person to another.
What is voluntary alienation?
Voluntary transfer of ownership of property, like when the owner sells it.
What is involuntary alienation?
Involuntary transfer of ownership.
What is eminent domain?
An entity, typically the government, with the ability to condemn property for the public good.
What is condemnation?
An occurrence in which a local, state, or federal government seizes private property and compensates the owner at fair market value.
What is adverse possession?
Possession that is open, notorious, continuous (UT = 7yrs), hostile, and exclusive.
What is the covenant of seisin?
A right that accompanies a general warranty deed where the grantor warrants rightful ownership and the right to convey property.
What is the covenant against encumbrances?
Comes in a warranty deed; the grantor warrants that there are no encumbrances against the title.
What is the covenant of quiet enjoyment?
Comes with a general warranty deed; the grantor warrants that the grantee will have unimpaired use and unrestricted enjoyment of the property.
What is the covenant of further assurance?
Comes with a general warranty deed; the grantor warrants that they will take action to perfect the grantee’s title if found defective.
What is the covenant of warranty forever?
Comes with a general warranty deed; the grantor warrants they will defend the buyer against anyone who claims a superior title to the property.
What is inverse condemnation?
When the land adjacent to condemned land is devalued by that condemnation, the owner can request that the state take that land as well.
Who is an executor/executrix?
Person assigned to be in charge of an estate
