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CH 18 897586
Vocabulary 18
| Term | Definition |
|---|---|
| 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
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