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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