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NALS Chapter18_75499

Vocabulary

TermDefinition
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
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Created by: Labria