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NALS Chapter18_75499
Vocabulary
| Term | Definition |
|---|---|
| Administration | The supervision of an estate by an administrator or executor |
| Attestation Clause | The clause of a will immediately following the signature of a testator |
| Codicil | An amendment to a will, either to add provisions or delete provisions of a will, which is executed with all the formalities of a will, this term means little will |
| Conditional Will | Also contingent will. One that does not take effect unless a specific event occurs. If the event does not occur, it is as through there was no will |
| Durable Power of attorney | A power given to another that empowers that person to act on be half of the maker even if the maker has become incapacitated |
| Elder law | A practice of law focused on the unique concerns of a segment of the population over the age of 50. |
| Executor | a person or entity appointed by a person to administer the terms of the will |
| Grantor | In real estate,the person who transfer property in estate planning maker of trust |
| health care power of attorney | A power given to another permitting that the person to make health care decisions on behalf of the workers |
| Holographic will | A will that is entirely handwritten dated and signed by the testator him- or herself |
| Inter vivos trust | A trust created during a decedents lifetime that becomes operative during his lifetime |
| Irrevocable trust | A trust which may not be revoked by the maker after the after its creation generally made for tax reasons |
| Joint interest trust | a trust created by two persons placing jointly held assets in trust |
| joint will | A single will made by two or more persons |
| Legacy | A disposition of personal property by will: a bequest |
| Legatee | The person to whom a legacy is given in a will |
| Nuncupative will | A will spoken b a person in peril if imminent death |
| Personal Representative | Term used by the uniform probate code to designate the representative of a estate replacing the terms, execute, administrator. etc |
| Residuary bequest | A gift of the remaining assets of an estate |
| Residue | Pertains to what is left after the payment of specific bequests, devises , expenses, and taxes |
| soldiers' or sailors' will | An oral will which the law allows soldiers or sailors to make disposing of personal property |
| Specific bequest | A gift in a will of an identified asset or stated amount of money |
| nj |
Created by:
Labria
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