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129 Cards in this Set
- Front
- Back
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Administrator de bonis non
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Personal representative appointed by the courtr when a previous administrator fails to complete the administration.
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Administrator cum testamento annexo
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Personal representative appointed by the court when the will fails to name an executor or the named executor fails to complete the administration.
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Beneficiary
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Person who inherits property under a will; recipient of insurance proceeds.
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Discretionary income
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Disposable income
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Domicile
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Legal home
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Administrator de bonis non
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Personal representative appointed by the court when a previous administrator fails to complete the administration.
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Administrator cum testamento annexo
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Personal representative appointed by the court when the will fails to name an executor or the named executor fails to complete the administration.
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Beneficiary
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Person who inherits property under a will; recipient of insurance proceeds.
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Discretionary income
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Disposable income
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Domicile
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Legal home
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Donee
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Recipient of a gift
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Donor
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Person who gives a gift
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Endowment policy
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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.
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Estate administration
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Process of collecting assets, paying debts, and distributing a persons assets after his death.
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Estate planning
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Process of helping a person accumulate assets during his life and allocate them on his death.
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Executor(trix)
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Personal representative named in a will.
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Financial plan
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Strategy to help a person acquire assets.
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Formal administration
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Estate administration including all notices and a hearing.
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General administrator
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Personal representative appointed by the court for an intestate
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Incidents of ownership
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Retaining rights to property, such as the ability to sell the property, benefit from the property, etc.
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Informal administration
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Estate administration for small estates, permitted in some states.
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Intestate
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Person who dies without a valid will.
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Joint tenancy
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Title to property held by more than one person with a right of survivorship.
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Letters of administration
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Court order authorizing a personal representative of an intestate to administer the estate.
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Letters testamentary
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Court order authorizing a personal representative of an intestate to administer the estate.
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Living trust
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Trust created to take effect during a persons life.
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Marital deduction
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Estate tax advantage for property given to surviving spouseit passes tax free.
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Personal representative
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Fiduciary responsible for administering a decedents estate.
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Probate
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To prove a will is valid.
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Qualified terminable interest property
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Property given to surviving spouse that qualifies as a marital deduction even though the spouses interest is not absolute ownership.
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Tenancy by the entirety
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Joint ownership of property for legally married husbands and wives, with a right of survivorship.
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Testate
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Person who dies with a valid will.
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Whole life insurance
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Life insurance in which premiums and face amount remain constant and the insured has property rights in the policy.
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Will
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Document used to dispose of a persons property after death.
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Administrator de bonis non
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Personal representative appointed by the court when a previous administrator fails to complete the administration.
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Administrator cum testamento annexo
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Personal representative appointed by the court when the will fails to name an executor or the named executor fails to complete the administration.
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Beneficiary
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Person who inherits property under a will; recipient of insurance proceeds.
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Discretionary income
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Disposable income
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Domicile
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Legal home
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Donee
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Recipient of a gift
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Donor
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Person who gives a gift
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Endowment policy
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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.
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Estate administration
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Process of collecting assets, paying debts, and distributing a persons assets after his death.
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Estate planning
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Process of helping a person accumulate assets during his life and allocate them on his death.
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Executor(trix)
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Personal representative named in a will.
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Financial plan
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Strategy to help a person acquire assets.
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Formal administration
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Estate administration including all notices and a hearing.
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General administrator
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Personal representative appointed by the court for an intestate
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Incidents of ownership
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Retaining rights to property, such as the ability to sell the property, benefit from the property, etc.
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Informal administration
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Estate administration for small estates, permitted in some states.
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Intestate
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Person who dies without a valid will.
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Joint tenancy
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Title to property held by more than one person with a right of survivorship.
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Letters of administration
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Court order authorizing a personal representative of an intestate to administer the estate.
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Letters testamentary
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Court order authorizing a personal representative of an intestate to administer the estate.
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Living trust
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Trust created to take effect during a persons life.
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Marital deduction
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Estate tax advantage for property given to surviving spouseit passes tax free.
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Personal representative
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Fiduciary responsible for administering a decedents estate.
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Probate
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To prove a will is valid.
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Qualified terminable interest property
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Property given to surviving spouse that qualifies as a marital deduction even though the spouses interest is not absolute ownership.
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Summary proceedings
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Abbreviated administration permitted in some states for small estates.
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Tenancy by the entirety
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Joint ownership of property for legally married husbands and wives, with a right of survivorship.
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Term life insurance
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Life insurance in which premiums increase periodically, the insured has no cash surrender value, and the face amount decreases over time.
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Testate
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Person who dies with a valid will.
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Venue
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Physical location of the appropriate court.
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Whole life insurance
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Life insurance in which premiums and face amount remain constant and the insured has property rights in the policy.
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Will
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Document used to dispose of a persons property after death.
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Accounts receivable
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Money owed to a business from customers for property or services sold.
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Annuity
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Periodic payments of fixed sums of money.
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Bond
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Evidence of indebtedness secured by a specific piece of property, paying interest until the loan is repaid.
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Chose in action
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One form of intangible personal property.
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Closely held
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Privately owned corporation.
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Community property
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Method of holding title to property acquired during marriage; each spouse owns one half of the property.
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Concurrent ownership
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Fee estate held by two or more persons.
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Condominium
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Type of ownership of real estate with some attributes of a tenancy in common.
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Conveyance
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Transfer of real estate.
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Co-operative
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Type of interest in realty evidenced by owning shares; considered personal property.
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Copyright
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Government grant of exclusive use of artistic and literary works given to the creator.
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Curtesy
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Old forem of widowers right in property of deceased husband.
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Easement
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Right of access over or use of another persons land.
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Elective share
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Forced share.
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Estate
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Right in real property
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Face value
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Amount appearing on a bond or debenture; amount of the loan
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Fee
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Estate in real property.
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Fee simple
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Highest form of estate.
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Fixture
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Property attached to buildings considered to be real property.
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Foreclosure
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Right of mortgagee to seize and attach real estate for non-payment of the loan.
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Forced share
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Current right of surviving spouse to a protion of deceased spouses property.
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Freehold
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Estate in land for anindefinite period.
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Gift
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Method of acquiring property whereby the recipient gives no consideration.
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Goodwill
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Intangivle asset of a business based on the business reputation.
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Grantee
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Recipient of real estate.
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Grantor
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Transferor of real estate.
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Homestead exemption
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Estate property not subject to creditors claims.
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Intangible
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Personal property that represents something of value but may have little intrinsic value itself.
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Joint tenancy
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Method of multiple ownership of property with right of survivorship.
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Landlord
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Person who leases real estate.
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Leasehold
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Tenancy in real estate for affixed period of time.
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Lessee
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Tenant
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Lessor
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Landlord.
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License
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Grant of use of intellectual property given by the holder of the exclusive right to the property.
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Life estate
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Tenancy for a period of a persons life
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Life estate pur autre vie
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Tenancy for the life of another person.
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Mark
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Exclusive right to use a name or symbol that designates a service or trade.
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Mortgage
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Security interest on real estate.
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Mortgagee
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Person who gives a mortgage to purchase real estate.
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Mortgagor
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Person who takes a mortgage to purchase real estate.
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Personal property
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Property that is movable and or intangible, not real property.
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Power of appointment
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Authority to select a successor beneficiary.
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Prepaid expense
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Right to receive goods or services previously paid for.
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Quiet title
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Action to settle title to real estate.
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Real property
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Land and anything permanently affixed to the land.
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Remainderman
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Person in whom legal and equitable titles merge.
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Rent
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Fee paid by a tenant to a landlord.
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Royalty
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Fee paid by a licensee to the holder of a copyright.
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Secured interest
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Creditors right to specific property which has b een set aside to satisfy the creditor in case of default.
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Securities
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Contractual, proprietary interests between an investor and a business, evidenced by stocks, bonds, etc.
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Share
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Stock; portion of a corporation owned by an investor.
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Sole proprietorship
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Business owned by one person.
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Statutory share
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Forced share of the decedent's estate.
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Stock
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Evidence of ownership in a corporation.
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Straw man
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Method of changing title held by multiple owners.
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Tangible property
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Personal property that is moveable or touchable.
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Tenancy
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Right to real property.
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Tenancy by the entirety
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Joint ownership of property between legally married couples.
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Tenancy in partnership
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Multiple ownership of property by business partners; property passes to surviving partners, heirs of deceased partner receive the value of the deceased partners interest in the property.
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Tenancy in common
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Multiple ownership of property in which each cotenant owns a divisible portion of the whole.
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Tenancy in severalty
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Ownership in real estate by just one person.
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Tickler
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Checklist or deadline reminder system.
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Title
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Evidence of ownership or possession of property.
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