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25 Cards in this Set
- Front
- Back
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decent |
issues include how the debts of the person who dies. |
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intestate |
die without a will valid with are said to new intestate. |
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administrator |
court appointed representative for descendant |
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estate |
bundle of ownership rights in, and powers over, realty; also, property of the descendant. |
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testate |
to die without a will |
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will |
person directs how his or her property is to be distribute after death. |
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testator |
person that makes a will. |
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executor |
in-testates personal representatives appointed to settle the state. |
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codicil |
formal, written, and witnessed amendment to a will. |
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holographic will |
will, written, and witness amendment to a will. |
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nun-coprative will |
orally made will |
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escheats |
reversion of property to the state |
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trust |
legal vehicle used to transfer the immediate control of property. |
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trustee |
legel entity having title to the property named in trust. |
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settlor |
creator of a trust |
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beneficiary |
party who benefits from the act of others; trust is manage |
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inter vivos trust |
trust is created during the lifetime of the settlor |
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testamentary trust |
withdrawing an offer before it is accepted |
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revocable trust |
withdrawing an offer before it is accepted |
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charitable trust |
created for the fulfillment of an altruistic purpose |
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private trust |
created for private reasons |
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spend thrift trust |
created to protect the beneficiary interest in property from the beneficiary's creditors |
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express trust |
trust in which terms are explicitly state by the settler |
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resulting trust |
implied trust formed to hold property for its original owner |
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consturctive |
require a person holding property to transfer it to another because retention would be wrongful and unjust enrichment of the owner |
