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68 Cards in this Set

  • Front
  • Back
Writing and signing of a will by the testator and the attesting and signing of the will by 2 or more witnesses.
Execution of a will
To acknowledge a testator's intent, capacity, and signature on a will.
Property accumulated during a person's lifetime and owned at the time of death.
Anything subject to owernship whether real or personal property.
Land, b uildings and things permanently attached to them.
Real Property
Any property that is not real property.
Personal Property
Process of appointing a person representative, an executor or administrator, to collect, preserve, manage, and inventory the decedent's estate; notifying creditors; paying the decedent's debts and death taxes due; and distributing the remaining estate according to the will or state law if the decedent died intestate.
Estate Aministration
Used synonymously with estate adminstration.
Court with jurisdiction over the administration of estates and the distribution of property.
Probate Court
Person nominated by a will or appointed by the probate court to manage the estate and distribute the assets according to the will or law.
Personal Representative
Personal representative named in the will to administer the estate.
Personal representative appointed by the probate court to administer the estate of an intestate.
Any person to whom the decedent's property is given.
Someone who recieves real property under a will.
Someone who recieves personal property under a will.
Someone who recieves the real property of an intestate estate.
Legal agreement in which the settlor transfers legal title to one or more trustees who hold and manage the property for one or more beneficiaries who recieve the equitable title that gives them the benefits of this.
Trusts that are set up while you're alive.
Inter vivos trusts
Type of trust that do not exist until death.
Testamentary Trusts
Arrangement of a person's property and estate that takes into account the laws of wills, property, trusts, insurance, and taxes in order to gain maximum benefit of all these laws while accomplishing the major objective of the estate plan which is the disposition of property upon death.
Estate plan
Contract between the policyholder, the owner of the policy and the person whose life is insured, and an insurance company whereby the company agrees, in return for annual premium payments, to pay a specific sum of money to the designated beneficiary upon the death of the policy holder.
Life Insurance
What type of life insurance combines lifetime protection with a minimum savings feature called cash surrender value or, cash value?
Whole Life Insurance
With what type of life insurance do the premium payments remain the same during the contract and are required throughout the policyholder's lifetime?
Whole Life Insurance
With what type of life insurance does the cash value slowly increase throughout the duration of the contract and the policyholder may surrender the policy at any time and take out the cash calue for their own use or retain the policy until death for the benefit of the named beneficiary?
Whole Life Insurance
What type of life insurance is pure protection without savings or cash surrender value?
Term Life Insurance
What type of life insurance is the least expensive?
Term Life Insurance
With what type of life insurance does the insurance company pay the face amount of insurance to the beneficiary if the policyholder dies within a given time period or term?
Term Life Insurance
What type of life insurance is usually renewable from term to term and the cost increases with the age of the insured?
Term Life Insurance
What type of life insurance covers a specific period of time and builds a cash value for the policyholder over that time?
Universal Life Insurance
With what type of life insurance does the coverage emphasized the seperation of the portion of the premium that is used to cover the insurance protection from the portion of the premium allocated to an investment that is used to build the policy's cash value?
Universal Life Insurance
With what type of life insurance are investments usually flexible and selected with a view to maximizing the rate of return?
Universal Life Insurance
True/False: you can give a trust to yourself but you cannot give a gift to yourself.
When you recieve a(n) _____ you do not expect anything in return.
A gift
When dealing with personal and real property whose intention of that property matters?
The Seller
What is real property that once may have been personal property but now is permanently attached to land or buildings?
A Fixture
________ are property placed on the land or in a building to help the tenant carry on a trade or business.
Trade fixtures
________ are property annexed by the tenant for farming purposes.
Agricultural Fixtures
________ are proerty attached by the tenant to make an apartment more comfortable or convenient.
Domestic fixtures
_____ transfers the title of real property from one person to the next.
A deed
An act by which the title to property is conveyed from one party to another whether the party is an individual, a corporation, or the gov't.
Any transfer by deed or will of a legal or equitable title to real property from one party to another.
The partying with, transfer of, or conveyance of property.
The person who conveys or transfers real property to another.
The person to whom real property is transferred or conveyed.
_____ is a written, signed, and delivered legal document that transfers title or ownership of real property such as land or buildings.
A Deed
______ is the right to and evidence of ownership of real or personal property.
______ is a title that is complete, perfect, and enforceable in a court of law, granting the holder the right of ownership and posession.
Legal Title
Title held by a party that gives the party the right to have the legal title transferred to him.
Equitable Title
___________ entitles a person to some right in the property but that right may be less than title or ownership.
Interest in property
_____ means to deliver full title and posession of land.
To Vest
______ personal property has a physical existence, it can be touched and is movable.
_______ personal property has no physical existence, it cannot be touched.
A _______ estate is all the property, real and personal, owned by a living person or all the assets owned by a decedent at the time of death.
Gross Estate
What type of property can be passed by a will?
Probate property
All real or personal property that the decedent owned whether individually as a single or sole owner, called ownership in severalty, or as a co-owner with another person or persons in the form of ownership called tenancy in common.
Probate Property
Real or personal property that is not party of the decedent's estate except for figuring the decedent's gross estate for federal and state death tax purposes.
Non-probate property
_______________ means that one person is the sole owner of real property or personal property.
Tenancy in severalty
These 4 things must exist for ___________ to happen:
(1) Unity of time
(2) Unity of title
(3) Unity of interest
(4) Unity of possession
Joint tenancy
Unity of _____ requires joint tenants take their interests int ehe property at the same time, meaning that they must recieve their interest in the property together.
Unity of time
Unity of ______ requires the tenancy be created and the tenants recieve their title from a single source such as the same will or deed.
Unity of title
Unity of _____ requires each tenant have an interest in teh property that is identical with that of the other tenants: (a) interest must be of the same quality; (b) interest must be of the same duration.
Unity of interest
Unity of ______ requires that each joint tenant own and hold the same undivided possession of the whole property held in joint tenancy. (a) each joint tenant has an equal right to possess the entire property; (b) each joint tenant has an equal right to share in the profits derived from the property.
Unity of possession
True/False: Joint tenants cannot transfer joint property by will.
True/False: If all joint tenants die except one, the joint tenancy is destroyed and the lone survivor owns the property solely, in severalty.
Tenancy in ________ is a form of concurrent ownership of property by 2 or more persons.
Tenancy in Common
Tenancy ________________ is an estate available only to a husband and wife.
Tenancy by the entirety
Tenancy by the entirety requires what 4 elements(unities)?
Time, Title, Interest, Posession
What type of tenancy has a right of survivorship?
Renancy by the entirety