Quiz 8 Vocab - Test 2 Flashcards Preview

LAS206 - Probate > Quiz 8 Vocab - Test 2 > Flashcards

Flashcards in Quiz 8 Vocab - Test 2 Deck (17):
1

Personal Representative

Person charged with collecting the assets of the decedent, paying all debts and expenses, and distributing remainder to the beneficiaries. Appointed by court in intestate probate.

2

Executor

Person charged with collecting the assets of the decedent, paying all debts and expenses, and distributing remainder to the beneficiaries. Named by Will

3

Executrix

female form of executor, not commonly used.

4

Public Administrator

Determined by state statute, usually an attorney or public official who handles the duties of Personal Representative.

5

Corporate Fudiciary

a professional corporation, such a as a bank or trust company, whose business is to act as the executor of personal representative of a decedent’s estate.

6

Contingent Executor

person named to be the executor of testator’s estate if primary executor cannot serve.

7

Special Administrator

appointed for emergency situations. Appointed for special occasions. Serves only until regular or named administrator is appointed.

8

Pendente Lite

Pending the suit; during the actual progress of the suit, during litigation.

9

Administrator Pendente Lite

usually appointed when there is a will contest and the personal representative may have a conflict.

10

Administrator Ad litem

appointed for lawsuits or actions other than will contest

11

Letters Testamentary (letters of appointment)

The court order giving the personal representative the authority to act on behalf of the estate

12

Bond

an insurance policy that will reimburse the estate/beneficiaries if the personal representative absconds with estate assets or fails to perform.

13

Surcharge

charge imposed against the personal representative for failure to act appropriately.

14

Guardian

A person appointed by the court to care for a minor or incompetent

15

Conservator

person appointed by the court to manage the property and assets of a minor or incompetent

16

Ward

The term used to describe the person for whom a guardian is appointed, be they a minor or incapacitated.

17

Visitor (as it relates to guardianship)

A person trained in law, nursing, or social work appointed by the court to interview the incapacitated person and the person seeking appointment.