Flashcards in Quiz 4 Vocab Deck (16):
the opening clause in the will
Clause in the will that sets out how the taxes, debts, funeral expenses and medical expenses are to be paid or apportioned.
Power of Appointment
the donor confers the authority upon another to select and nominate who will receive the donor’s property by will or by trust.
Limited Power of Appointment
the list of appointees is restricted by the donor.
General Power of Appointment
the power to appoint is unlimited.
see Exordium Clause. (a/k/a Introductory clause)
section where all the bequests, gifts, are set forth.
Clause immediately above the testator’s signature.
Clause signed by the witnesses to the will.
Language such as “I wish”, or “I desire”. Not definitive. Not a positive command or direction.
Gift in Contemplation of Death
gift made within 3 years of death is in contemplation of death and has the effect of including the gift in the value of the estate.
Person who is appointed by will to gather the assets, pay the bills, and distribute the assets to the beneficiary.
Clause advising that any beneficiary can disclaim their bequest, they do not have to accept it, but they should realize they will be treated as having predeceased the testator.
Incorporation by Reference
a reference to an outside document, making that document part of a contract (Will).
A contract – One will for both parties. one cannot revoke their will without the consent of the other party