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Group 1: Will/Estate
| Question | Answer |
|---|---|
| a gift of personal property made by a will. | Bequest or Legacy |
| a gift of real property made by a will. | Devise |
| a trust created by a will; it only comes into use when the person making the will dies. | Testamentary Trust |
| a person who sets up the trust. | Settler |
| Requirements for a written will. | Must be in writing, must be properly signed, and witnesses must be present. |
| a trust that involves individual settlers and beneficiaries. | Private Trust |
| means without a will. | Intestate |
| can be oral if the person dies/falls ill only if the act is witnessed and it is personal property. | Nuncupative wills |
| someone who does inherit property. | Heir |
| someone who receives property by a will. | Beneficiary |
| a legal device by which property is held by one person for the benefit of another. | Trust |
| a trust that protects the settler’s assets from being spent recklessly by the beneficiary and the beneficiaries’ creditors. | Spendthrift trust |
| Revoking or changing a will | means that as a will is designed to be in effect at the maker or testator/testatrix’ death, anytime up until that time, the will can be revoked or changed provided the maker has the intent and capacity to make the changes. |
| Special Power of Attorney | is to give authority over a specific item such as managing a person’s rental property; a general power of attorney gives authority over all matters. |
| a testator or person making a will, you are allowed to designate an executor or executrix as the representative to carry out your will when you die | Executor and Executrix |
| a gift of real property made by a will. | Devise |
| Codicil | is a formal, written and witnessed document used to revoke or change a will. It is subject to the same requirements as a will |
| Capacity | of legal age and having mental stability. |
| Holographic Will | a document prepared and signed during a person’s lifetime providing for the distribution of his or her property. |
| Living Will | a special power of attorney that directs whether your life as the grantor should be prolonged by artificial means if you have no reasonable chance of recovery. |
Created by:
allygilgens24
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