OTHER Transfers of Land Title

Question 1

What are the terms for person making a will?

Answer 1

Testator - Male Testatrix - female

Question 2

What is the transfer of real property by will called?

Answer 2

Devise

Question 3

Who is the recipient of real property via a will?

Answer 3

devisee

Question 4

What is the transfer of personal property via will called?

Answer 4

legacy

Question 5

Who is the recipient of personal property via will?

Answer 5

legatee

Question 6

What is required in general for a will to be valid?

Answer 6

1 in writing 2 signed by the testator at the end, 3 in the presence of two witnesses who themselves sign the will to attest its execution

Question 7

What is a holographic will?

Answer 7

One entirely in the handwriting of the testator. Valid in most states without witnesses. and is an exception to the rules of wills.

Question 8

What is a trust?

Answer 8

Involves a special fiduciary relationship in which one or more persons (the trustees) manage property on behalf of others (the beneficiaries)

Question 9

What is the person creating the trust called?

Answer 9

Settlor or trustor

Question 10

Who holds legal title to the trust property?

Answer 10

Trustee

Question 11

Who holds equitable title in the trust property

Answer 11

Beneficiaries

Question 12

What is a testamentary trust?

Answer 12

Created as part of a will and takes effect at the death of the settlor.

Question 13

How do you create a testamentary trust?

Answer 13

Settlor must execute a writing that 1 shows the intention to form a trust, 2 identifies the trust property, 3 complies with the formalities required for a valid will

Question 14

What is an inter vivos trust (or living will)?

Answer 14

Takes effect during the life of the settlor

Question 15

How do you create a inter vivos trust (or living trust)?

Answer 15

settlor must 1 declare himself to be the trustee of the property for a particular beneficiary or 2 transfer property in trust to a third person as a trustee for the beneficiary.
Note: a written instrument is required to create an effective living trust as to land, but an oral trust is valid as to personal property.

Question 16

What is dying intestate and what is intestate succession?

Answer 16

dying without a will and their property being distributed according to the state law.

Question 17

What is the typical order for intestate succession?

Answer 17

1 surviving spouse and issue (lineal descendants of the decedent, such as children, grandchildren)
2 if not spouse or issue estate goes to surviving parents or other ancestors
3 if not spouse, issue, or ancestors, estate goes to collaterals (other blood relatives of the decedent, like siblings)

Question 18

What is is escheat?

Answer 18

When one dies intestate without heirs, the estate passes to the state.