Wills — Basic Terminology Flashcards
What is succession?
Transfer of property at death.
Shapira v. Union National Bank?
Demonstrated that, generally, Decedents are at liberty to dispose of their property / wealth as they wish.
Here, the decedent said you will only inherit the property if you are marrying a jewish girl.
What is a probate court?
A court in charge of administering a decedent’s estate.
What is nonprobate property?
PROPERTY THAT IS NOT DISTRIBUTED via a WILL or the laws of INTESTACY.
Property that is not solely owned by the testator or that has a beneficiary. AKA will substitutes.
What are the will substitutes?
- Joint Tenancy;
- Life Insurance; or
- Inter Vivos Transfer
What is a fiduciary?
The personal representative in charge of winding up of a decedent’s affairs.
What does it mean to die testate?
A decedent who dies with a will.
What is an executor?
If a will names a personal representative, then that person is the executor.
What is an administrator?
The name for the personal representative IF the decedent dies intestate (no will) or if the will does not name a personal representative.
The person in charge of properly administering the estate of an intestate decedent. These are typically appointed by the court.
This person typically ensures that the decedent’s creditors are paid properly
RELEVANT IF THERE IS NO WILL.
What does it mean to escheat?
The decedent’s property reverts to the state.
Devisee? Beneficiary? Legatee?
Words used to describe the name of the person who receives the property.
NOTE: will devisee’s are not heirs, rather, they merely have an expectancy interest until the death of the testator.
Descent v. Distribution
Descent is used to describe the succession of real property.
Distribution is used to describe the succession of personal property.
Intestate v. testate
Intestate means to die without a will.
Testate means to die with a will.
What is an heir?
An heir is someone that is entitled to take under the laws of intestacy.
People who take under a will should be called beneficiaries, not heirs.
Ancestor v. Descendant
Ancestor are people who are related to the decedent in an ascending lineal line.
Descendants are people who are related to the decedent in a descending lineal line.
