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28 Cards in this Set
- Front
- Back
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Uniform Probate Code (UPC)
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comprehensive uniform law, update and unify state law concerning the dispotition and administration of property at death
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Will
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document that executed with specific legal formalities by a person and contains her instructions about the way her property will be disposed of at her death
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Bequest/Lagacy
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a gift of personal property
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Devise
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a gift of real property
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Residuary
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the balance of the estate that is left after specific devises and bequests are made by the will
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Issue
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lineal descendants
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Per Capita
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each of a group of persons to receive under a will share equally
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Per Stirpes
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each surviving descendant divides the share that the parents would have taken if the parent survived
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Testamentary Capacity
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able to make a valid will
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Joint Will
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a single instrument that constitutes the will of both or all of the testators and is executed by both or all
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Mutual Wills
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individual wills that reflect a common plan of distribution.
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Attestation Clause
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states that the formalities have been followed in the execution of the will
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Nuncupative Will
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an oral will
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Holographic Will
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written and singed in the tesators handwriting
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Widows Dower
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life estate in one-third of the lands owned by husband
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Curtesy
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converse of dower for widower
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Codicil
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an amendment of a will
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Living Wills
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documents in which a person states in adcance her intention to forgo or obtain certain life prolonging medical procedres
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Durable power of attorney
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document that gives another person the legal authority to act on one’s behalf in the case of mental/physical incapacity
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General power of attorney
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express statement in which one person gives another person the authority to do an act or a series of act on behalf of the person granting the power
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Intestate
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person dies without having made a will
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Probate
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property belonging to the decendent at the time of his/her death
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Trust
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legal relationship in which a person who has legal rights to property has the duty to hold it for the use or benefit of another person
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Trustor/Settlor
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person who creats the trust
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Trustee
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person who holds the property for the benefit of another person
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Beneficiary
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the person who benefits the property is held in trust
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Corpus
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the body of a trust
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Testamentary Trust
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established in a persons will
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