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54 Cards in this Set
- Front
- Back
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A contract that agrees to pay money to a beneficiary at death |
Life Insurance |
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Transfer of property that is rescindable or amendable |
Revocable transfer |
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Property acquired by spouse during marriage as an inheritance and a gift |
Separate Property |
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The person who makes a gift of a beneficial interest in property |
Donor |
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Property acquired by joint efforts of spouses during marriage |
Community Property |
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If a Will is found the person is said to have died... |
Testate |
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Quantity of wealth or property |
Estate |
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A document which transfers property at death |
Will |
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Passing of property whereby transferor gives up interest to transferee |
Transfer |
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The title of the transfer that takes place at death |
Testamentary |
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The title of a transfer made when transferor is alive |
Inter vivos |
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A transfer that takes place without a Will |
Intestate |
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Person appointed by court to act on behalf of person who has no Will |
Administrator |
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A deceased person |
Decedent |
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The legal process of administering the estate of a decedent |
Probate |
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Transfer of property that is no longer rescindable or amendable |
Irrevocable |
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Person having legal duty to act on behalf of another with loyalty |
Fiduciary |
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Property such as an automobile, books, etc. |
Tangible Personal Property |
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All property that passes by means of the probate process after death |
Probate Estate |
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Person appointed by court to act on behalf of person who dies with Will |
Executor |
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A person's offspring, such as children and grandchildren |
Issue |
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The person who receives a gift of a beneficial interest in property |
Beneficiary |
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A life insurance policy that creates cash value that may be received prior to death |
Cash Value Life Insurance |
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Property owned by two or more persons without survivorship right at death |
Joint Interest |
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A person who inherits property from a decedent |
Heir |
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The title of a person who makes a Will |
Testator |
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A person who is descended from a specific ancestor |
Descendant |
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The person whose life is insured by a life insurance policy |
Insured |
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A person who receives real property pursuant to a Will |
Legatee |
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The bequest received by a legatee is referred to as a... |
Legacy |
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A tax imposed when a lifetime gift is made |
Gift Tax |
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A bequest of a specific type of property |
Specific Bequest |
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A tax imposed on property transferred at death |
Estate Tax |
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A life insurance policy that has little or no cash value prior to death |
Term Life Insurance |
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Property owned by two or more persons with survivorship rights at death |
Joint Tenancy |
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Property that includes ownership in land and improvements on land |
Real Property |
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A person who receives personal property pursuant to a Will |
Devisee |
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Property owned by two or more persons with each having right to possesion |
Tentants in Common |
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A gift of testator's estate not otherwise disposed of by Will |
Residuary Bequest |
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A gift of testator's estate to a group of individuals |
Class Gift |
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Ownership that ceases at someone's death |
Life Estate |
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Property whose utility is from its physical chatacteristics |
Personal Property |
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Property deriving value from the legal rights it represents |
Intangible Personal Property |
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An entity created and funded by a person, and which is managed for the benefit of someone |
Trust |
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A name used for a person creating a trust |
Settlor |
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The assets held and managed of a trust |
Trust Corpus |
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The legal name for the manager of a trust |
Trustee |
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The recipient of the benefits of trust |
Benficiary |
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A trust that is funded during the life of the person creating the trust |
Living Trust |
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A trust that is created at the testator's death |
Testamentary Trust |
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The power to name someone to receive a beneficial interest in property |
Power of Appointment |
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The person having the right to appoint a beneficial interest to a permissible appointee |
Holder or donee of a power |
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A person having a present right to receive distributions from a trust |
Income Beneficiary |
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A person holding a future interest in property that arises after the termination of a prior owner |
Remainder man |
