lesson 23 Flashcards
(35 cards)
if there is a will
if it is valid and properly executed, then assets will be distributed according to will
if there is not a will
assets are distributed according to state law
decedent
dead person
testator
deceased male that wrote a will
testatrix
deceased female that has written a will
executor
person named in will and responsible for distributing assets according to terms of will
testate
to die with a will
intestate
to die without a will
administrator
person named by court to distribute assets of decedent who dies without a will
devisee
person that inherits from decedent that dies with a will
heir
person that inherits from decedent that dies intestate
probate
act of carrying out terms of a will
estate
entity that holds assets of decedent during process of probate
t/f: when someone writes a will, they are required to leave their property to someone
false
when a decedent does not leave a child anything, the child is known as
pretermitted child
pretermitted child
courts will presume child was accidentally left out and an appropriate share of testator’s estate will be left to him
2 ways to make valid will in VA
formally executed will
holographic will
formally executed will
testator sign, two independent witnesses sign, notary public, all must sign in front of each other
when the parts of a formally executed will are properly done it is known as
self proving
holographic will
must be in handwriting of testator, must be signed and dated
requirements of both types of wills
testator over 18, of sound mind, acting under own influence
per stirpes
each branch of heirs or devisees will receive same portion and next generations will step into shoes of heir/devisee
per capita
each heir/devisee will receive the same portion
2 methods for amending or changing will
- write codicil - separate doc that states how will is to be changed (same formalities needed)
- write new will
