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Group 1: Will/Estate

QuestionAnswer
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