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25 Cards in this Set
- Front
- Back
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Decedant |
The person who dies. |
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Intestate |
Those who die without a vaild will. Leads to probate court (surrogate court). |
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Administrator (Administratix) |
When a person dies intestate, the probate court with jurisdiction appoints a personal representative. |
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Estate |
This representative uses property of decreased to pay all debt. |
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Testate |
Leaving a valid will; usually beneficial. |
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Will |
Legal expression usually required by laws in most states to be writing by which a person directs how her/his property is to be distributed after death. |
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Testator (Testatrix) |
The maker of the will. |
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Executor (Executrix) |
A will also allows its maker to have his/her own personal representative. |
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Codicil |
Required a formal will changes; this is formal, written, and witnessed amendment. |
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Holographic Will |
Written entirely by the decedent's own hand, signed by him/her and not witnessed. |
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Nuncipative Will |
"oral will" on the deathbed. Not the best. |
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Escheats |
If there are no inheritors, the property of deceased "escheats" (reverts) to state. |
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Trust |
Transfree of property is a separate legal enity. Created for any legal purpose. |
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Trustee |
The legal enity that has the title to the subject property. |
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Settlor |
Creator of a trust |
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Beneficiary |
The party for whose benefit the trust is managed in accordance with the settlor's wishes. |
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Inter vivos trust |
"living trust". Trust made during the lifetime of the settlor. |
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Testamentary Trust |
Trust created after the death of the settlor in accordance w/ directions in his/her will labeled. |
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Revocable Trust |
Maybe cancelled/amended @anytime prior to the death of settlor(s) and the property taken back. |
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Charitable Trust |
Trust created for the fulfillment of any altruistic purpose. |
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Private trust |
trust created for a private purpose |
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Spendthrift Trust |
One type of private trust. Protects beneficiary's interest in the subject property from the beneficiary's creditors. |
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Express Trust |
As a consequence, all probably labeled. |
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Resulting Trust |
Formed when entity intended to receive the benefit to an express trust can't do from original owner. |
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Constructive Trust |
Required a person holding property to transfer it to another because retention of the property would be wrongful and unjust enrichment of holder. |
