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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 |