Will Terminology Flashcards
(26 cards)
Intestate
Dying without a will
Joint Tenants with Right of Survivorship
When one co-owner dies, the deceased co-owners share is automatically transferred to the surviving co-owner(s) independently of the will.
Tenants by the Entirely
Limited to married couples and provides survivorship interest in property to the surviving spouse, independently of the will.
executor (m), the executrix (f.)
A will also allows the testator to select the person or institution that will be empowered by the court to settle your estate.
Domicile
Testators state of residency
Testacy
refers to the condition of dying with a will
Intestacy
refers to the condition of dying without a will
Intestate
If you die without a will, you are said to have “died intestate.”
Testamentary
means “pertaining to the will”
Testamentary Trust
a trust that is established by the will
Testamentary Powers
those powers that are bestowed on someone by the will.
Testamentary Intent
Means someone had the “intent” to create a will
Testamentary Capacity
Means someone had the mental capacity or competency to create a will.
Dower
is a wife’s interest in her husband’s estate. This defines the amount the wife is entitled to by state law. If the husband attempts to disinherit his wife, “dower rights” allow the wife to take the minimum accorded a surviving wife by state law, regardless of what the will says.
Curtsey
is a husband’s interest in his wife’s estate. This defines the amount the husband is entitled to by state law. If the wife attempts to disinherit her husband, then “curtesy rights” will allow him to take the minimum accorded by state law, regardless of the terms of the will.
Spouse’s Right to Election
Instead of dower or curtesy rights, some states have what is known as the “spouse’s right to election.” It is the same premise as dower or curtesy rights, allowing the spouse to elect against the will if the spouse is left with less than the minimum allowed by state law.
Intestacy Laws
direct how assets are to be distributed when someone dies without a will. These will be discussed in more detail later in this lesson.
Testator
The person executing the will
Self-proving Will
whereby all the signatures are notarized and the witnesses are not required to appear in court. In this Estate Planning Course, any references to a “will” are references to a valid written will unless stated otherwise.
Holographic Wills
which are written in the Testator’s own handwriting, with no witnesses required. But other states do not allow this manner of drafting.
When does the will become active and irrevocable?
Upon the persons death
Codicil
which references the will and states the changes, is all that is necessary. The codicil should be executed with the same formality as the will, complete with signature of witnesses before a notary.
Per Stirpes
literally means “by the roots” or “by representation.” If a member of the group of beneficiaries should predecease the testator, then the deceased person’s interest in the property would not lapse. Rather, the children of the deceased beneficiary would “represent” him/her in collecting the share.
Per Capita
literally means “by the heads.” In other words, count the heads and divide the property according to the number of individuals, share and share alike.
