Week 6 Wills & Estates

Question 1

a proportional reduction of a devise when estate assets are not sufficient to pay it in full

Answer 1

abatement

Question 2

the extinction or withdrawal of a devise because decedent did not own the named property at the time of death

Answer 2

ademption

Question 3

an addition or amendment of a last will and testament executed with the same formality of the will

Answer 3

codicil

Question 4

a gift of real or personal property by will

Answer 4

devise

Question 5

the person who receives a devise

Answer 5

devisee

Question 6

forfeiture of a decedent’s property to the state in the absence of heirs

Answer 6

escheat

Question 7

one who inherits, or is entitled to receive property by laws of intestacy

Answer 7

heir

Question 8

a will written entirely by the hand of the testator

Answer 8

holographic will

Question 9

the state or condition of dying without having made a will

Answer 9

intestate (intestacy)

Question 10

the method used to distribute property owned by a person who dies without a valid will

Answer 10

intestate succession

Question 11

will declared or dictated by testator during last illness before appropriate witnesses to dispose of personal property and afterwards reduced to writing (not valid in all states)

Answer 11

nuncupative will

Question 12

the method of dividing an estate by which an equal share is given to each of a number of persons, all of whom stand in equal degree of kindred to the decedent

Answer 12

per capita

Question 13

the method of proportionately dividing an estate between beneficiaries according to their deceased ancestor’s share

Answer 13

per stirpes

Question 14

the omission or cancellation of an instrument, act, license, or promise

Answer 14

revocation

Question 15

the condition of leaving a will at death

Answer 15

testate

Question 16

a person who makes a valid will

Answer 16

testator

Question 17

an instrument executed with required formality by persons making disposition of their property to take effect upon their death

Answer 17

will

Question 18

a power of attorney that remains in effect after the disability or incapacity of the principal (see also power of attorney)

Answer 18

durable power of attorney

Question 19

a written instrument granting the agent broad powers to act for the principal.

Answer 19

general power of attorney

Question 20

the estate which passes from the decedent to heirs

Answer 20

inheritance

Question 21

the condition of the estate of a deceased person which is unable to pay the debts of the decedent and/or the estate

Answer 21

insolvent estate

Question 22

listing and valuation of a decedent’s assets by personal representative of the estate

Answer 22

inventory

Question 23

a document which governs the withholding or withdrawal of life-sustaining treatment from an individual in the event of an incurable or irreversible condition that will cause death within a relatively short time, and which becomes effective when such person is no longer able to make decisions regarding his/her medical treatment

Answer 23

living will

Question 24

a secured loan on a parcel of real property

Answer 24

mortgage

Question 25

person who is appointed by the court to represent and administer the estate of deceased persons

Answer 25

personal representative

Question 26

an instrument granting someone authority to act as agent or attorney-in-fact for the principal; an ordinary one is revocable and automatically terminates upon the death or incapacity of the principal

Answer 26

power of attorney

Question 27

a claim which is accorded a priority advantage or privilege

Answer 27

preferred claim

Question 28

the process of administering the estate and determining the validity of a will

Answer 28

probate

Question 29

a court having jurisdiction over estates

Answer 29

probate court

Question 30

the property and debts of a decedent that is subject to administration by the personal representative of an estate

Answer 30

probate estate

Question 31

a debt which is supported by a pledge, mortgage or lien on assets belonging to the debtor

Answer 31

secured claim

Question 32

an estate in which the assets exceed the liabilities

Answer 32

solvent estate

Question 33

a written instrument authorizing one person to act as an agent for another effective only upon a certain event occurring

Answer 33

springing power of attorney

Question 34

a model law intended to achieve uniformity in probate proceedings throughout the U.S.

Answer 34

Uniform Probate Code

Question 35

a claim which is not supported by a pledge, mortgage or lien on other assets

Answer 35

unsecured claim