Wills, Estates, and Trusts

  1. Estate plan
    a way for a person to choose how to dispose ofhis/her assests after death, with the least amount lost through taxes and otherexpenses. Also includes guardians for children, end of life issues. This term has a very financial aspect.
  2. Will
    A document prepared with the intent of disposing property (land) after death.
  3. Testament
    This document disposed of stuff – another word for will in today’s society
  4. Testator/Testatrix
    The person who makes the will.
  5. Statutes
    laws made by the legislature 
  6. Common law
    law made by the judges
  7. Testamentary capacity
    Being of sound mind, being competent to make a will b/c your mental capacity is there
  8. Legal capacity
    18 years old
  9. Holographic will
    – NC Gen Stat 31-3.4 A will that is handwritten entirely in the handwriting of the testator, subscribed by testator in their own handwriting found after his/her death in a safe place (where the testator kept important stuff). No witnesses needed.
  10. Nuncupative will
    NC Gen Stat 31.3.5- Oral will that can only convey personal property, have to be about to die and die (deathbed will), has to have 2 competent witnesses
  11. Attest
    To affirm the truth of something, promised to be what it is
  12. Subscribe
    – signed “at the bottom” but does not have to be signed at the bottom in NC
  13. Witness
    one who attest and subscribe (the testator, then two additional witnesses)
  14. Estate
    Everything a person owns at their death and these items will go through an estate administration (except real prop b/c it is immediately transferred).
  15. Real property
    Land and anything attached to it
  16. Personal Property
    Everything else
  17. Probate property
    Property that will go into the estate and will have to be administered as a part of the estate administration, it is a trustees account until all the proper administration has been done
  18. Testate
    A person who dies with a will.
  19. Intestate
    A person who dies without a will.
  20. Personal representative
    Person who is in charge of administering the estate, when there is a will it is an executor
  21. Executor
    The personal representative for people with a will
  22. Administrator
    The personal representative for people without awill
  23. Beneficiary
    The people who inherit from someone who has a will
  24. Intestate succession
    the law that tells you what happens if you die intestate
  25. Ambulatory
    A will can be changed as long as you are capableof making a will.
  26. Domicile
  27. Letter of instruction
  28. Apportionment clause
  29. Fiduciary
  30. Guardian
  31. Conservator
  32. Testamentary trust
  33. Execute
     to perform or complete
Card Set
Wills, Estates, and Trusts
Vocab Cards Chapter 1