Reading...
Play button
Play button
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
|
what is a estate?
|
Everything one
owns |
|
|
what is estate planning?
|
A definite
plan for the administration and disposition of one’s property during one’s life- time and at one’s death. |
|
|
what is a will?
|
The legal declaration
of a person’s mind as to the disposition of his or her property after death. |
|
|
what does intestate mean?
|
Without a valid
will. |
|
|
what is a probate?
|
The legal proce-
dure of proving a valid or invalid will |
|
|
what is a simple will?
|
A will that
leaves everything to the spouse; also called an I love you will. |
|
|
what is a traditional marital share will?
|
A will in which the
grantor leaves one-half of the adjusted gross estate to the spouse. |
|
|
what is a stated dollar amount will?
|
A will that allows you
to pass on to your spouse any amount that satisfies your family objectives. |
|
|
what is a holographic will?
|
A hand-written will.
|
|
|
what is a formal will?
|
A will that is
usually prepared with an attorney’s assistance. |
|
|
what is a beneficiary?
|
A person
who has been named to receive property under a will. |
|
|
what is a statutory will
|
A formal
will on a preprinted form. |
|
|
what is a guardian ?
|
A person who
assumes responsibility for providing children with personal care and manag- ing the deceased’s estate for them. |
|
|
what is a trustee?
|
A person or an
institution that holds or manages property for the benefit of someone else under a trust agreement. |
|
|
what is a codicil ?
|
A document that
modifies provisions in an existing will. |
|
|
what is a prenuptial agreement ?
|
A
documentary agreement between spouses before marriage. |
|
|
what is a living will ?
|
A document
that enables an individual, while well, to express the intention that life be allowed to end if he or she becomes terminally ill. |
|
|
what is a ethical will?
|
A document
that dispenses emotional and spiritual wealth to heirs. |
|
|
what is a power of attorney?
|
A legal
document authorizing someone to act on one’s behalf. |
|
|
what is a trustor ?
|
The creator of
a trust; also called the grantor. |
|
|
what is a trust?
|
A legal arrange-
ment through which one’s assets are held by a trustee. |
|
|
what is a revocable trust?
|
A trust
whose terms the trus- tor retains the rights to change. |
|
|
what is a irrevocable trust?
|
A trust
that cannot be altered or ended by its creator. |
|
|
what is a credit-shelter trust?
|
A trust
that allows married cou- ples to leave everything to each other tax free. |
|
|
what is a disclaimer trust?
|
A trust
designed for a couple who do not yet have enough assets to need a credit- shelter trust but may need one in the future |
|
|
what is a testamentary trust?
|
A
trust established by the creator’s will that becomes effective upon his or her death. |
|
|
what is a life insurance trust?
|
A trust
whose assets are derived at least in part from the proceeds of life insurance. |
|
|
what is community property?
|
Any
property that has been acquired by either spouse during the marriage. |
|
|
what is a estate tax?
|
A federal tax
on the right of a deceased person to transfer prop- erty and life insurance at death. |
|
|
what is life insurance trust ?
|
A trust
whose assets are derived at least in part from the proceeds of life insurance. |
|
|
what is community property?
|
Any
property that has been acquired by either spouse during the marriage. |
|
|
what is a estate tax ?
|
A federal tax
on the right of a deceased person to transfer prop- erty and life insurance at death. |
|
|
what is a inheritance tax ?
|
A tax lev-
ied on the right of an heir to receive an estate. |
|
|
what is a gift tax?
|
A federal and
state tax on the privilege of making gifts to others |
