Unit 8 - Intro To Estate Planning/Wills Flashcards
(29 cards)
What U.S. code is a requirement for recognition by states and has detailed instructions for execution ceremonies?
10 U.S.C. : 1044d, Military Testamentary Instruments
What is the purpose of estate planning?
- Spells out what a person wants to do with their stuff after they die
- Ensure beneficiaries/children are taken care of
- Appoints agents to ensure property goes to the right people
Generally speaking, what two instances should someone have a will?
When they have children and/or real/personal property
Who is person named in a will to receive specified property BENEFITS from an act of another
Beneficiary
What is it called when a Testator or Testatrix is giving personal property?
Bequeath
What is a supplement or addition to a will that is used to explain, modify, add, subtract, qualify, alter, restrain, or revoke provisions in a will?
Codicil
What is PROPERTY owned in COMMON by two persons as a kind of marital partnership?
Community Property
What is a place where a person has a valid, fixed, and permanent home and principle establishment where they intend on returning accredited business/military duty?
Domicile
What type of POA appoints another person to make healthcare decisions should the grantor become incapacitated and unable to make decisions independently?
Durable POA for Healthcare, AKA Medical POA
What are all the possessions of one who has died and are subject to probate administration/distribution to their heart and beneficiaries?
Estate
What is the signing and notarizing of a will called?
Execution
Who is the person named by the TESTATOR/TESTATRIX that is responsible for administering their estate upon their death?
Executor or Executrix
Who is a person lawfully vested with the power and charged with managing the property and rights of another person who is incapable of administering their own affairs?
Guardian
What term is used chiefly in the law of taxation and means such property with no intrinsic and marketable value (ex certificates of stock and bonds)?
Intangible Property
What is the legal expression or declaration of a person’s wishes as to the disposition of their property to be performed or take effect after their death?
Last Will and Testament
What states a person’s desires regarding the termination of life support in the event that a person is incapable of communicating their desires?
Living Will
What is the distribution of property in equal shares only among living children?
Per Capita
What is the distribution of property in equal shares among living children and descendants of deceased children?
Per Stirpes
What is all intangible and tangible property that is MOVEABLE?
Personal Property
What is a statement regarding the revocation of all previous wills and declares the person’s domicile (requirement for recognition by states)?
Preamble
What is the judicial process to determine the validity of a will called?
Probate
What is land and everything permanently affixed to land?
Real Property
What is the estate that remains after all debts and expenses of administration have been paid?
Residuary Estate
What is usually included in the will and is a notarized, written declaration, that the testator/testatrix attests to the circumstances under which the Will was executed?
Self-Proving Affidavit
