Business Chap. 20 – Flashcards
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person who dies
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decedent
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those who die without a will
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intestate
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when a person dies intestate the probate court with jurisdiction appoints a personal representative known as this
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adimistrator/administratrix
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the property of the deceased
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estate
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dying and leaving a valid will
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testate
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legal expression, usually in writing, by which a person directs how her or his property is to be distributed after death
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will
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maker of a will
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testator/testatrix
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a maker of a will's own personal representative to carry out the directions in the will
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executor/executrix
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involves making a pool of money available to reimburse anyone injured by the executor;s improper handling of his duties
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posting bond
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a document directed to attending physicians regarding a person's choices about the use of life-support systems in treatment for terminal illness or vegetative state (a more descriptive term is "directive to physicians")
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living will
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confers on a chosen or court appointed individual the right to make health care decisions, such as removal of life-support
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durable power of attorney
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a clear intention that the document signed is to currently operate as a will and testament, the testator must have this!
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testamentary intent
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means the maker must know, at least in a general way, the kind and extent of the property in the estate he or she intends to dispose of, the recipients who stand to benefit, and that he or she is making arrangements to dispose of his or her property after death
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testamentary capacity
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a formal, written, and witnessed amendment that must be executed with the same formalities as a will
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codicil
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a will written entirely by the decedent's own hand, signed by him or her, and not witnessed Where a valid holographic will is used, changes require appropriate additons or deletions before witnesses, if necessary, in the handwriting of the maker
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holographic will
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an oral will is recognized in some states if proclaimed during the maker's last illness or by service personnel on active duty. However, the will must be witnessed and reduced to writing. It often is limited to controlling the distribution of personal property.
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nuncupative will
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reverts to, as in "property escheats to the state"
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escheats
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the surviving spouse is able to elect a set percentage of the deceden't property instead of what was allocated under the will
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right of election
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to split the property equally among the children, grandchildren, or further down the lineal tree
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per capita
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lineal descendants split equally what a deceased parent would have received but receive nothing if the parent still lives
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per stirpes
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Those who die without a valid will are legally termed to have died intestate
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True
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If there are no inheritors of the decedent's estate, the property ____ to the state
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escheats
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The maker of a will, if female, is called
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a testatrix
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A will can be amended at any time as long as the maker has testamentary intent and testamentary capacity
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true
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The legal term for an oral will is a ____ will
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nuncupative
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The execution of a codicil on a will does not have to be witnessed
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false
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If the person making a will decides to split the property equally among all his or her living lineal descendents, he or she is specifying a ____ distribution
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per capita
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The typical time allowed for all creditors of the estate to file a claim against it is
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six months
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If a person vanishes without a trace, the person's estate can be probated after a year
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false
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A trust terminates at the death of the trustee
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false
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Every type of trust terminates upon the death of the settlor
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false
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A resulting trust may be created due to the death of a trust's beneficiary
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true
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A trust created by the will of a deceased settlor is known as
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testamentary trust
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Someone who is being unjustly enriched because of property he is holding may be required to transfer the property to another because of enforcement of a
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constructive trust
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When does the will go into effect?
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Immediately when the person dies
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All states require 2 witnesses to a will
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False
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Can the witnesses be teenagers, people who are receiving things in the will?
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No
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3 requirements of holographic will
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testator's handwriting, dated, and signed
