Business Law- Ch. 20 Vocab – Flashcards
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Decedent
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debts if a person who passes away
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Intestate
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people who die without a will
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Administrator
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personal representative of the estate
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Estate
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property of the deceased
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Restate
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to state or affirm again or in a new way
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Will
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The mental faculty by which one deliberately chooses or decides upon a course of action after death
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Testator
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maker of the will
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Executor
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personal representative to carry out the directions of the will
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Codicil
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an addition that explains, modifies, or revokes a will or part of one
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Holographic Will
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a will and testament that has been entirely handwritten and signed by the testator
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Nuncupative Will
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a will that has been delivered orally to witnesses
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Escheats
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the reversion of property to the state to a lord, on the owner's dying without legal heirs
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Trust
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a relationship whereby property is held by one party for the benefit of another
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Trustee
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an individual person or member of a board given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposed specified
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Settlor
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a person who makes a settlement
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Beneficiary
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a person who derives advantage from something
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Inter Vivos Trust
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a trust created and operating during the grantor's lifetime
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Testamentary Trust
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a trust which arises upon the death of the testator and which is specified in his or her will
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Revocable Trust
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trust whereby provisions can be altered or canceled dependent on the grantor.
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Charitable Trust
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and irrevocable trust established for charitable purposes
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Private Trust
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a trust designed for the benefit of a designated or known individual.
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Spendthrift Trust
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a trust that is created for the benefit of a person that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary
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Express Trust
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a trust created by the free and deliberate act of the parties involved (usually a handwritten documentation)
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Resulting Trust
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the creation of an implied trust by operation of law, where property is transferred to someone who pays nothing for it and then is implied to have held the property for benefit of another person
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Constructive Trust
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a trust imposed by a court to benefit a party that has been wrongfully deprived of its rights due to either a person obtaining or holding legal right to property which they should not possess due to unjust enrichment or interference
