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Vocabulary

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Term
Definition
Administration   The supervision of an estate by an administrator or executor  
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Attestation Clause   The clause of a will immediately following the signature of a testator  
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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  
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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 through there was no will  
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Durable Power of attorney   A power given to another that empowers that person to act on be half of the maker even if the maker has become incapacitated  
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Elder law   A practice of law focused on the unique concerns of a segment of the population over the age of 50.  
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Executor   a person or entity appointed by a person to administer the terms of the will  
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Grantor   In real estate,the person who transfer property in estate planning maker of trust  
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health care power of attorney   A power given to another permitting that the person to make health care decisions on behalf of the workers  
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Holographic will   A will that is entirely handwritten dated and signed by the testator him- or herself  
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Inter vivos trust   A trust created during a decedents lifetime that becomes operative during his lifetime  
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Irrevocable trust   A trust which may not be revoked by the maker after the after its creation generally made for tax reasons  
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Joint interest trust   a trust created by two persons placing jointly held assets in trust  
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joint will   A single will made by two or more persons  
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Legacy   A disposition of personal property by will: a bequest  
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Legatee   The person to whom a legacy is given in a will  
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Nuncupative will   A will spoken b a person in peril if imminent death  
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Personal Representative   Term used by the uniform probate code to designate the representative of a estate replacing the terms, execute, administrator. etc  
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Residuary bequest   A gift of the remaining assets of an estate  
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Residue   Pertains to what is left after the payment of specific bequests, devises , expenses, and taxes  
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soldiers' or sailors' will   An oral will which the law allows soldiers or sailors to make disposing of personal property  
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Specific bequest   A gift in a will of an identified asset or stated amount of money  
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nj    
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Created by: Labria
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