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25 Cards in this Set

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WHAT TWO THINGS DOES THE ESTAE LAW PLAN FOR
DEATH AND DISABILITY
DECEDENT
DEAD PERSON
HEIR
PERSON WHO INHERITS THOUGH BLOOD RELATIONSHIP AND SPOUSE
BENEFICIARY
PERSON WHO INHERITS BECAUSE OF DESIGNATION (WILL, TRUST, OR INSURANCE)
ISSUE
CHILDREN AND LINEAL DECENDENT(GRANDCHILDREN, GREAT GRANDCHILDREN)
ESTATE
ASSTES OF THE DECEDEANT
WILL lAST WILL AND TESTIMENT)
LEGAL DOCUMENT THAT DICTATES THE TRASFER OF PROPERTY UPON DEATH
PROBATE
PROVING THE WILL OR COURT PROCESS DONE BY PETITION
TESTIMENTARY
REGARDING THE WILL
TESTATOR/ TESTATREX
WHO MAKES AND SIGNS THE WILL
EXECUTOR/ EXECUTREX
PERSON NOMINATED IN WILL TO MANAGE THE BUSINESS OF THE ESTATE
EXECUTION
SIGNING OF THE WILL
TRUST
THE TRANSFER OF ASSETS TO A TRUSTEE DURING LIFE FOR MANAGEMENT BY THE TRUSTEE
2 COMPONENTS OF A WILL
1) PLAN-A WILL OR TRUST BENEFICIARY DESIDNATION ON ASSETS.
2) THE ADMINISTRTION- OCCURS AFTER DEATH OR INCOMPACITY.
A WILL DOES NOT HAVE TO GO THROUGH PROBABTE T/F?
FALSE. A WILL IS DESIGNED TO GO THROUGH PROBATE
iF THERE IS NO PLAN ASSETS WILL NOT GO THROUGH PROBATE. T/F?
FALSE. IF THERE IS NO WILL ASSETS WILL GO THROUGH PROBATE AND BE DISTRIBUTED BY INTESTATE SUCCESSION
WHAT OCCURS IN AN ADVANCE HEALTH CARE DIRECTIVE (LIVING WILL)?
AGENT ACTS
wHAT OCCURS IN A POWER OF ATTORNEY?
AGENT ACTS
WHAT ARE THE TWO QUALIFICATION IN ORDER FOR A PERSON TO BE ABLE TO CREATE A WILL?
MUST BE 18 YEARS OF AGE AND OF SOUND MIND.
DESCRIDE THE FOUR CHARACTERISTIC OF SOUND MIND
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
dOES THE PERSON HAVE TO HAVE A SOUND MIND ALL TIME?
NO AS LONG AS THEY HAVE SOUND MIND AT THE TIME OF EXECUTION.
WHO HAS THE BURDEN OF PROOF WHEN A WILL IS CONTESTED AND HOW MANY ELEMENTS MUST THEY PROVE DOES NOT EXIST?
THE PARTY CONTESTING THE WILL HAS THE BURDEN OF PROOF AND MUST ONLY PROVE THAT ONE ELEMENT DOES NOT EXIST.
PETITION FOR PROCESS
COURT WILL STATE/ DECLARE WHEATHER THE WILL IS VALID AND MEETS THE QUALIFICATIONS OF A GOOD WILL.
WHAT ARE THE TREE STEPS TO SETTLING AN ESTATE
1)DISTINGUISH WHAT PROPERTY WAS OWNED
2)PAY THE LEGITAMATE DEBTS AND TAXES
3) DISTRIBUTE PROPERTY TO THE BENEFICIARIES
DESCRIBE PROPERTY OWNERSHIP AND WHAT IS CONSIDERED PROBATEABLE
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