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5.02 Wills Estate

QuestionAnswer
Attorney-in-fact the person recieving the power of attorney
Beneficiary someone who receives property made by a will
Bequest or legacy a gift of personal property made by a will
Capacity means that the person that is making a will is of sound mind and of legal age in the state which they are making the will. In N.C, the age is 18 or older
Codicil a formal, written and witnessed document used to revoke or change a will.
Devise a gift of real property made by a will
Estate Distribution-By State Law if a person dies without a will they are considered interstate "without a will"
Executor and Executrix the representative to carry out your will when you die
Family and Spouse Protections state laws contain a provision for protect surviving family members.
Grantor the person giving the power of attorney
Heir the one who inherits property from a will or someone without a will
Holographic will a document prepared and signed during a person's lifetime providing for the distribution of his or her property
Intestate means without a will
Living Will a special power of attorney that directs whether your life as the grantor should be prolonged by artificial means if you have no resonable chance of recovery.
Medical Directives deals specifically with a person's medical care so that the person granted the special power of attorney can make decisions about the grantor's medical care in case the grantor becomes incompetent.
Nuncupative wills (oral) are legal in some states wheb certain condition exist
Power of Attorney grants power to representative of your choosing to legally act and make decisions on your behalf
Private Trust is one that involves individual settlers and beneficiaries
Probate Court family member or personal rep of the decedent will and documennt
Requirements for a written will will must be in writing, properly signed and witnessed
Revoking or changing a will as a will is designed to be in effect at the maker or testator/testatrix' death, anytime up until that time, the will can be revoked or changed provided the maker has the intent and capacity to make the changes
Settler is the person who sets up the trust
Special Power of Attorney give authority over a specific item such as managing a person's rental property.
Spendthrift Trust is a trust that protects he settlers assets from being spent recklessly by the beneficiary and the beneficiaries creditors
Testamentary Trust is a trust created by a will. It only comes into use when the person making the will dies
Testator and Testatrix a testator is male that dies with a will and a testatrix is a female that dies with a will
Trust is a legal device by which property is held by one person for the benefit of another
Created by: billy.lee73 on 2014-05-14



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