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BL2.5 Probate
BusLaw2 Probate & Retire
| Term | Definition |
|---|---|
| personal representative | In Missouri, this is the name for the executor executrix of a will |
| testate | A person who dies with a valid will is said to have died this way |
| executrix | A female person named in a will as the personal representative |
| pension plan | A retirement plan that is funded at least in part by an employer |
| noncupative will | A will made orally, usually only in emergency situations; common among soldiers and mariners |
| adminsitratrix | The female person appointed by the Probate Court to handle the estate of a person who dies without a will |
| individual retirement plan | Also known as an IRA, this is an individual's own personal pension plan; it is a system of providing for retirement by saving part of your earnings every year. |
| beneficiaries | Persons who receive property by a will |
| holographic will | A will written entirely in the handwriting of the testator or testatrix |
| devise | A gift of real property that is made by a will |
| bequest | A gift of personal property that is made by will. Another term for this is legacy. |
| executor | A male person named in a will as the personal representative |
| heir | A person who inherits property under a will or from someone dying without a will |
| education ira | This can be established for a child under the age of 18 by anyone who wants to save for the child's college education |
| 401K plan | Employer sponsored retirement plan whose funds are not taxed until money is withdrawn, but the money cannot be withdrawn without penalty before the age of 59. Employees contribute to the plan through payroll deduction, and employers match contributions. |
| will | A document that is signed during your lifetime that provides for the distribution of your property upon death. |
| vesting | Act of giving a worker a guaranteed right to receive a future pension. |
| intestate | A person dies this way if he or she dies without a will |
| testatrix | A female person who signs a will |
| testator | A male person who signs a will |
| codicil | A formal document used to supplement or change an existing will. |
| social security | Provides income to people when their regular income stops because of retirement, disability, or the death of someone who had provided them with income. |
| portabiltiy | Ability to transfer pension benefits from one job to another. |
| keogh plan | A retirement plan for self-employed people and their employees |
| trust | A legal device by which property is held by one person for the benefit of another |
| trustee | A person who holds title to the property for another's benefit |
Created by:
C.Westcott
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