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25 Cards in this Set

  • Front
  • Back

decedent

person who dies

intestate

to die without will

administrator

court-appointed representative for a decedent

estate

property of the deceased

testate

leaving a valid will

will

legal expression, usually required by the laws in most states to be in writing, by which a person directs how his or her property is to be distributed after death

testator

maker of the will

executor

interstates personal representative appointed to settle the estate

codicil

formal, written, and witnessed amendment

holographic will

written entirely by the decedents hand, signed by him or her, and not witnessed

nuncupative will

oral will

escheats

no inheritors, the property of the deceased goes to the state

trust

when the transfer of the property is a separate legal entity

trustee

legal entity that has the tittle to the subject property

settler

creator of trust

beneficiary

party for whose benefit the settlers wishes



inter vivos trust

trust created during the lifetime of the settler

testamentary trust

trust created after the death of the settler in accordance with direction in his or her will is labeled

revocable trust

may be cancelled or amended at any time prior to the death of the settler

charitable trust

trust created for the fulfillment of an altruistic purpose

private trust

trust created for a private purpose

spendthrift trust

one type of private trust

express trust

trust in which the terms are explicitly stated by the settler

resulting trust

implied trust formed to hold property for its original owner

constructive trust

created to require a person holding property to transfer it to another because retention would be a wrongful and unjust enrichment of the holder