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25 Cards in this Set
- Front
- Back
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decedent |
the person who dies |
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intestate |
to die without a will |
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administrator |
court appointed representative for a decedent |
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estate |
property of the deceased |
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testate |
having a valid will |
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will |
legal expression by which a person directs how his or her property is to be distributed after death |
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testator |
the maker of a will |
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executor |
intestate's personal representative appointed to settle the estate |
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codicil |
a formal, written, and witnessed amendment to a will |
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holographic will |
a will written entirely by the decedent's own hand, signed by him or her, and not witnessed |
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nuncupative will |
oral will |
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escheat |
reversion of property to the state |
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trust |
legal vehicle used to transfer the immediate control of property to another party |
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trustee |
legal entity having title to the property named in a trust |
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settlor |
creator of a trust |
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beneficiary |
party who benefits from the acts of others; party for whose benefit a trust is managed; also, recipient of the amount to be paid under an insurance policy |
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inter vivos trust |
trust created during the lifetime of the settlor |
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testamentary trust |
trust created after the death of a settlor in accordance with directions in the person's will |
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revocable trust |
a trust that can be cancelled or amended at any time prior to the death of the settlors and the property taken back |
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charitable trust |
a trust created for the fulfillment of an altruistic purpose |
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private trust |
trust created for private reasons |
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spendthrift trust |
trust created to protect the beneficiary's interest in a property from the beneficiary's creditor |
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express trust |
trust in which the terms are explicitly stated by the settlor |
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resulting trust |
implied trust formed to hold property |
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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 |
