Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
estates law
review
| Question | Answer |
|---|---|
| who can make a will? | anyone of the age of majority who has testamentary capacity |
| what are the exceptions for a minor making a will? | must be married, have intent to marry, or have been married/must be part of the canadian armed forces/must be a sailor at sea |
| what are the qualifications to witness a will? | must be age of majority and have testamentary capacity/cannot be a beneficiary on the will/creditor should not/executor should not |
| what are the four general characteristics of a will? | must be intended to have a disposing effect/must be revokeable/must take affect upon death, not sooner/must comply with the formalities for the appropriate jurisdiction |
| what are the different types of wills? | holograph will/formal attested will/multiple wills/french will/international wills/privileged wills |
| what are the grounds for invalidating a will? | testator lacks testamentary capacity/improper execution/undue influence/suspicious circumstances/fraud |
| what are four ways to revoke a will? | marriage/subsequent will/written declaration with intent to revoke will/destruction or damage to the will |
| what are the grounds for removing an executor? | breach of duty/failure to understand or perform function/extreme incompatibility between executor and beneficiary |
| what are the different clauses in a will? | identification clause/revocation clause/appointment executor clause/family law act clause/testamentary clause/common disaster clause/substitutional gift clause |
| what is the common disaster clause? | the property of each disposed of as if he/she predeceased the other but if joint property exists, each party deemed to hold tenants-in-common, not joint tenants with an equal share |
| what is the substitutional gift clause? | only applicable to gift made to child, grandchild, brother or sister of testator who predeceased testator - therefore the gift does not fail and fall into residue |
| what are two types of powers of attorney? | property of attorney for property and power of attorney for personal care |
| what happens if someone dies and has a power of attorney? | the power of attorney dies with the grantor |
| what is a power of attorney? | a written authorization to represent or act on another's behalf in private affairs, business or some other legal matter |
| how old do you have to be to be the grantor and attorney for a power of attorney for property? | eighteen |
| how old do you have to be to be the grantor and attorney for a power of attorney for personal care? | sixteen |
| who is the statutory attorney for a mentally incompetent person? | public guardian and trustee |
| estate | all property (real and personal) belonging to a person at the time of their death |
| real property | land or fixtures attached to the land |
| personal property | chattels, assets that are not real property |
| intangible property | property that is not physical in nature, cant be touched i.e. goodwill and intellectual property rights |
| inter vivos gift | during life, thus given prior to death |
| testamentary gift | a gift given after death |
| to realize assets | to sell or get money for ones assets, convert to cash |
| estate administration | deals with the collection, management, and realization of the deceased assets after settlement of all proper debts and claims against the estate, distribution of the estate to those beneficially entitled |
| trust | a right of property, real or personal, held by one party for the benefit of another |
| testamentary trust | trust made to take affect after one is deceased, can be included in the will |
| cestui que trust | a beneficiary of a trust |
| trustee | one who oversees the property in the trust and who executes the trust for the benefit of the cestui que trust |
| testate | to die with a will |
| intestate | to die without a will |
| will | a unilateral, revokable instrument whereby a person makes a disposition of their estate after death |
| mutual/reciprocal will | when two or more people make mutual provisions in a will in favour of one another |
| executor | personal representitive appointed in a will of a deceased person who dies with a will |
| beneficiary | a person whom something is given to in a will |
| to bequeath | to give property by will |
| bequest | a gift of personal property by will |
| devise | testamentary disposition of realty |
| codicil | a document that changes, supplements, adds to, modifies, explains, alters or revokes provisions in a will |
| legacy | disposition of property by will |
| life interest | an interest or claim not amount to ownership and limited by a term of life, that term of life may be the life of whom the interest is vested or for the life of another |
| life tenant | person who possesses/holds property for the duration of their life or the life of another, the beneficiary of the life interest |
| vested | fixed, settled, absolute |
| certificate of appointment of estate trustee with a will | permission from court to administer the estate of a deceased person with a will |
| certificate of appointment of estate trustee with will annexed | permission from court to administer the estate of a deceased person with a will but who has not appointed or does not have an executor |
| per stirpes | distribution of an estate per lineal descent - therefore children take share of parents gift if the parent dies prior to the death of the testator, then next grandchildren will take |
| per capita | only given to those living |
| ademption | the extinction or withdrawal of legacy by testators act equivalent to revocation or indicating intention to revoke |
| abatement | a proportional reduction of the pecuniary legacies when funds or assets are not sufficient to pay them in full |
| administrator | a personal representative of a deceased person who has not made a will |
| certificate of appointment of estate trustee without a will | permission from court to administer the estate of a deceased person without a will |
| preferential share | the first $200,000 of a deceased spouse's estate goes to their surviving spouse on intestacy |
| devolution | the transfer of a right or power from one person to another |
| devolution of executorship | when the executor dies, their executor can become the executor |
Created by:
jaimelynnblue
Popular Law sets