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25 Cards in this Set
- Front
- Back
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WHAT TWO THINGS DOES THE ESTAE LAW PLAN FOR
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DEATH AND DISABILITY
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DECEDENT
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DEAD PERSON
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HEIR
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PERSON WHO INHERITS THOUGH BLOOD RELATIONSHIP AND SPOUSE
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BENEFICIARY
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PERSON WHO INHERITS BECAUSE OF DESIGNATION (WILL, TRUST, OR INSURANCE)
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ISSUE
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CHILDREN AND LINEAL DECENDENT(GRANDCHILDREN, GREAT GRANDCHILDREN)
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ESTATE
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ASSTES OF THE DECEDEANT
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WILL lAST WILL AND TESTIMENT)
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LEGAL DOCUMENT THAT DICTATES THE TRASFER OF PROPERTY UPON DEATH
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PROBATE
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PROVING THE WILL OR COURT PROCESS DONE BY PETITION
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TESTIMENTARY
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REGARDING THE WILL
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TESTATOR/ TESTATREX
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WHO MAKES AND SIGNS THE WILL
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EXECUTOR/ EXECUTREX
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PERSON NOMINATED IN WILL TO MANAGE THE BUSINESS OF THE ESTATE
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EXECUTION
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SIGNING OF THE WILL
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TRUST
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THE TRANSFER OF ASSETS TO A TRUSTEE DURING LIFE FOR MANAGEMENT BY THE TRUSTEE
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2 COMPONENTS OF A WILL
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1) PLAN-A WILL OR TRUST BENEFICIARY DESIDNATION ON ASSETS.
2) THE ADMINISTRTION- OCCURS AFTER DEATH OR INCOMPACITY. |
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A WILL DOES NOT HAVE TO GO THROUGH PROBABTE T/F?
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FALSE. A WILL IS DESIGNED TO GO THROUGH PROBATE
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iF THERE IS NO PLAN ASSETS WILL NOT GO THROUGH PROBATE. T/F?
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FALSE. IF THERE IS NO WILL ASSETS WILL GO THROUGH PROBATE AND BE DISTRIBUTED BY INTESTATE SUCCESSION
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WHAT OCCURS IN AN ADVANCE HEALTH CARE DIRECTIVE (LIVING WILL)?
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AGENT ACTS
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wHAT OCCURS IN A POWER OF ATTORNEY?
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AGENT ACTS
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WHAT ARE THE TWO QUALIFICATION IN ORDER FOR A PERSON TO BE ABLE TO CREATE A WILL?
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MUST BE 18 YEARS OF AGE AND OF SOUND MIND.
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DESCRIDE THE FOUR CHARACTERISTIC OF SOUND MIND
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A) ABILITY TO UNDERSTAND THE NATURE OF THE TESTIMENTARY ACT
B) ABILITY TO UNDERSTAND THE INDIVIDUAL RELATIONS TO LIVING DECENTENTS C) ABILITY TO UNDERSTAND THE NATURE AND THE SITUATION OF THE INDIVIDUAL'S PROPERTY D) NOT SUFFERING FROM A MENTAL DISORDER WHERE DILLUTION/ HILUCINATION RESULTS IN DEVISING PROPERTY IN A WAY THEY OTHERWISE WOULD NOT |
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dOES THE PERSON HAVE TO HAVE A SOUND MIND ALL TIME?
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NO AS LONG AS THEY HAVE SOUND MIND AT THE TIME OF EXECUTION.
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WHO HAS THE BURDEN OF PROOF WHEN A WILL IS CONTESTED AND HOW MANY ELEMENTS MUST THEY PROVE DOES NOT EXIST?
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THE PARTY CONTESTING THE WILL HAS THE BURDEN OF PROOF AND MUST ONLY PROVE THAT ONE ELEMENT DOES NOT EXIST.
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PETITION FOR PROCESS
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COURT WILL STATE/ DECLARE WHEATHER THE WILL IS VALID AND MEETS THE QUALIFICATIONS OF A GOOD WILL.
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WHAT ARE THE TREE STEPS TO SETTLING AN ESTATE
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1)DISTINGUISH WHAT PROPERTY WAS OWNED
2)PAY THE LEGITAMATE DEBTS AND TAXES 3) DISTRIBUTE PROPERTY TO THE BENEFICIARIES |
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DESCRIBE PROPERTY OWNERSHIP AND WHAT IS CONSIDERED PROBATEABLE
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SOLE OWNERSHIP-P
BENEFICIARY DESIGNATION-NP JOINT W/RIGHT OF SURV-NP TENANTS IN COMMON-% OWNED IS P COMMUNITY PROPERT-P COMMUNITY PROP WROS-NP |
