Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
34 Cards in this Set
- Front
- Back
Ancillary Administration--
|
Estate administration in a state in which decedent owned property other than his domiciliary state. (own in 2+ states - others become this & have to hire a separate atty. in that state)
|
|
Administrator de bonis non (DBN)
& Successor administrator-- |
Personal representative appointed by the court when a previous administrator fails to complete the administration.
|
|
Administrator cum testamento annexo (CTA)
or Administrator with Will annexed-- |
Personal representative appointed by the court when the will fails to name an executor or the named executor fails to complete the administration.
|
|
Beneficiary--
|
Person who inherits property under a will; recipient of insurance proceeds.
|
|
Certificate of Deposit--
|
Long-term bank savings account
|
|
Discretionary Income--
|
Disposable income.
|
|
Domicile--
|
Legal home.
(if in question, where are they registered to vote, not where have driver's license) |
|
Donee--
|
Recipient of a gift.
|
|
Donor--
|
Person who gives a gift.
|
|
Endowment Policy--
|
Short-term life insurance policy in which proceeds are paid to the insured, if alive at the end of the term, or to a beneficiary named in the policy if the insured is deceased.
|
|
Estate Planning--
|
Process of helping a person accumulate assets DURING HIS LIFE and allocate them on his death and on disability.
|
|
Executor (male) --
Executrix (female) -- |
Personal representative named in a will.
|
|
Financial Plan --
|
Strategy to help a person acquire assets.
|
|
Formal Administration --
|
Estate administration including all notices and a hearing.
|
|
General Administrator --
|
Personal representative appointed by the court for an intestate
|
|
Incidents of Ownership --
|
Retaining rights to property, such as the ability to sell the property, benefit from the property, etc.
|
|
Informal Administration --
|
Estate administration for small estates, permitted in some states
|
|
Intestate --
|
Person who dies without a valid will.
|
|
Joint Tenancy --
|
Title to property held by more than one person with a right of survivorship.
|
|
Letters of Administration --
|
Court order authorizing a personal representative of an intestate to administer the estate
|
|
Letters Testamentary --
|
Court order authorizing a personal representative of a testate to administer the estate.
|
|
Living Trust --
|
Trust created to take effect DURING a person's life.
(Inter vivos) |
|
Marital Deduction --
|
Estate tax advantage for property given to surviving spouse - it passes tax free.
|
|
Personal Representative --
|
Fiduciary responsible for administering a decedent's estate
|
|
Probate --
|
To prove a will is valid.
|
|
Qualified Terminable Interest Property (QTIP) --
|
Property given to surviving spouse that qualifies as a marital deduction even though the spouse's interest is not absolute ownership.
|
|
Risk Aversion --
|
Degree of risk a person is willing to undertake in selecting an investment.
|
|
Summary Proceedings --
|
Abbreviated administration permitted in some states for small estates.
|
|
Tenancy by the Entirety --
|
Joint ownership of property for legally married husbands and wives, with a RIGHT of SURVIVORSHIP
|
|
Term Life Insurance --
|
Life insurance in which premiums increase periodically, the insured has NO CASH SURRENDER VALUE, and the face amount decreases over time.
|
|
Testate --
|
Person who dies with a valid will.
|
|
Venue --
|
Physical location of the appropriate court.
|
|
Whole Life Insurance --
|
Life insurance in which premiums and face amount remain constant and the insured has property rights in the policy.
|
|
Will --
|
Document used to dispose of a person's property after death
|