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25 Cards in this Set
- Front
- Back
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Decedent |
Person who dies |
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Intestate |
To die without a will |
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Administrator |
Court appointed representative for a descendant (Male/Female) |
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Estate |
Bundle of ownership rights in, & powers over, realty; also, property of the deceased |
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Testate |
To die without a will (Male/Female) |
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Will |
Expression by which a person directs how his or her property is to be distributed after death |
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Testator |
Person that makes a will (Male/Female) |
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Executor |
In-testates personal representative appointed to settle the state (Male/Female) |
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Codicil |
Formal, written, & witnessed amendment to a will |
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Holographic Will |
Will written & signed entirely by the maker & not witnessed |
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Nun-Coprative Will |
Orally made will |
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Escheats |
Reversion of property to the state |
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Trust |
Legal vehicle used to transfer the immediate control of property (party-party) |
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Trustee |
Legal entity having title to the property named in trust |
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Settlor |
Creator of a trust
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Beneficiary |
Party who benefits from the acts of others ; trust is managed
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Inter Vivos trust |
Trust is created during the lifetime of the settlor
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Testamentary Trust |
created after death of a settler in accordance with directions in a persons will
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Revocable Trust |
Withdrawing an offer before it is accepted |
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Charitable Trust |
Created for the fulfillment of an altruistic purpose
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Private Trust |
Created for private reasons
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Spend Thrift Trust |
Created to protect the beneficiary interest in property from the beneficiary's creditors
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Express Trust |
Trust in which terms are explicitly stated by the settler
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Resulting Trust |
Implied trust formed to hold property for its original owner
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Constructive |
Require a person holding property to transfer it to another because retention would be wrongful & unjust enrichment of the holder |
