Vocabulary 18
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each of the black spaces below before clicking
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| Attestation Clause | The clause of a will immediately following the signature of the 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 though there were no will.
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| 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.
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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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| 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
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| Inter Vivios Trust | A trust created during the makers lifetime that becomes operative during his or her lifetime.
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| Irrevocable Trust | A trust that may not be revoked by the maker 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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| Last will and testament | An instrument through which a person makes a disposition of his or her property, to take effect after death
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| Nuncupative Will | A will spoken by a person in peril of imminent death
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| 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.
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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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| 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
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| Revocation Clause | Clause in a will revoking all former wills and codicils made by the testator.
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| Specific Bequest | A gift in a will of an identified asset or stated amount of money.
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| Spendthrift Provision | A provision in a will to limit access to a trust by a beneficiary or his her creditors
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| Testamentary Trust | A trust created in a will, which takes effect upon the death of the decedent
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| Trust | A fiduciary arrangement in which property is transferred with the intention that a trustee will administer it for another's benefit
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| Trustee | A person who administers a trust
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| Health Care Power of Attorney | A power given to another permitting that person to make health care decisions on behalf of the maker.
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| Holographic Will | A will that is entirely handwritten, dated, and signed by the testator himself or herself.
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| 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.
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| Trustor | The maker of a trust.
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| OMG |
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Created by:
Jonay
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