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CH 18 897586

Vocabulary 18

TermDefinition
Attestation Clause The clause of a will immediately following the signature of the 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 though there were no will.
Durable Power Attorney A power of attorney given to another that empowers that person to act on behalf 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.
Estate Planning The area of the law dealing with arranging a persons' property and estate by taking into account the laws of wills, taxes, property, and trusts to gain a maximum benefit under all laws while carrying out the persons own wishes for disposition of his or he
Inter Vivios Trust A trust created during the makers lifetime that becomes operative during his or her lifetime.
Irrevocable Trust A trust that may not be revoked by the maker 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
Last will and testament An instrument through which a person makes a disposition of his or her property, to take effect after death
Nuncupative Will A will spoken by a person in peril of imminent death
Qualified Terminable Interest Provision A type of property that is permitted to qualify for a martial deduction under federal estate tax if the spouse has use of the property for life and other Internal Revenue Code requirements are met.
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
Revocable Trust A trust in which the maker generally maintains some power over the trust as long as he or she is alive and not incapacitated; can be amended or revoke during makers lifetime
Revocation Clause Clause in a will revoking all former wills and codicils made by the testator.
Specific Bequest A gift in a will of an identified asset or stated amount of money.
Spendthrift Provision A provision in a will to limit access to a trust by a beneficiary or his her creditors
Testamentary Trust A trust created in a will, which takes effect upon the death of the decedent
Trust A fiduciary arrangement in which property is transferred with the intention that a trustee will administer it for another's benefit
Trustee A person who administers a trust
Health Care Power of Attorney A power given to another permitting that person to make health care decisions on behalf of the maker.
Holographic Will A will that is entirely handwritten, dated, and signed by the testator himself or herself.
Self-proving Affidavit A clause in a will signed by the testator and witnesses before a notary public for the purpose of allowing the will to be admitted to probate without the affidavit of the witnesses at the time of probate.
Trustor The maker of a trust.
OMG
Created by: Jonay