Business Chap. 20 – Flashcards

38 test answers

Unlock all answers in this set

Unlock answers 38
question
person who dies
answer
decedent
question
those who die without a will
answer
intestate
question
when a person dies intestate the probate court with jurisdiction appoints a personal representative known as this
answer
adimistrator/administratrix
question
the property of the deceased
answer
estate
question
dying and leaving a valid will
answer
testate
Unlock the answer
question
legal expression, usually in writing, by which a person directs how her or his property is to be distributed after death
answer
will
Unlock the answer
question
maker of a will
answer
testator/testatrix
Unlock the answer
question
a maker of a will's own personal representative to carry out the directions in the will
answer
executor/executrix
Unlock the answer
question
involves making a pool of money available to reimburse anyone injured by the executor;s improper handling of his duties
answer
posting bond
Unlock the answer
question
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")
answer
living will
Unlock the answer
question
confers on a chosen or court appointed individual the right to make health care decisions, such as removal of life-support
answer
durable power of attorney
Unlock the answer
question
a clear intention that the document signed is to currently operate as a will and testament, the testator must have this!
answer
testamentary intent
Unlock the answer
question
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
answer
testamentary capacity
Unlock the answer
question
a formal, written, and witnessed amendment that must be executed with the same formalities as a will
answer
codicil
Unlock the answer
question
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
answer
holographic will
Unlock the answer
question
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.
answer
nuncupative will
Unlock the answer
question
reverts to, as in "property escheats to the state"
answer
escheats
Unlock the answer
question
the surviving spouse is able to elect a set percentage of the deceden't property instead of what was allocated under the will
answer
right of election
Unlock the answer
question
to split the property equally among the children, grandchildren, or further down the lineal tree
answer
per capita
Unlock the answer
question
lineal descendants split equally what a deceased parent would have received but receive nothing if the parent still lives
answer
per stirpes
Unlock the answer
question
Those who die without a valid will are legally termed to have died intestate
answer
True
Unlock the answer
question
If there are no inheritors of the decedent's estate, the property ____ to the state
answer
escheats
Unlock the answer
question
The maker of a will, if female, is called
answer
a testatrix
Unlock the answer
question
A will can be amended at any time as long as the maker has testamentary intent and testamentary capacity
answer
true
Unlock the answer
question
The legal term for an oral will is a ____ will
answer
nuncupative
Unlock the answer
question
The execution of a codicil on a will does not have to be witnessed
answer
false
Unlock the answer
question
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
answer
per capita
Unlock the answer
question
The typical time allowed for all creditors of the estate to file a claim against it is
answer
six months
Unlock the answer
question
If a person vanishes without a trace, the person's estate can be probated after a year
answer
false
Unlock the answer
question
A trust terminates at the death of the trustee
answer
false
Unlock the answer
question
Every type of trust terminates upon the death of the settlor
answer
false
Unlock the answer
question
A resulting trust may be created due to the death of a trust's beneficiary
answer
true
Unlock the answer
question
A trust created by the will of a deceased settlor is known as
answer
testamentary trust
Unlock the answer
question
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
answer
constructive trust
Unlock the answer
question
When does the will go into effect?
answer
Immediately when the person dies
Unlock the answer
question
All states require 2 witnesses to a will
answer
False
Unlock the answer
question
Can the witnesses be teenagers, people who are receiving things in the will?
answer
No
Unlock the answer
question
3 requirements of holographic will
answer
testator's handwriting, dated, and signed
Unlock the answer
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New