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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.
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Will
A document prepared with the intent of disposing property (land) after death.
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Testament
This document disposed of stuff – another word for will in today’s society
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Testator/Testatrix
The person who makes the will.
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Statutes
laws made by the legislature
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Common law
law made by the judges
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Testamentary capacity
Being of sound mind, being competent to make a will b/c your mental capacity is there
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Legal capacity
18 years old
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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.
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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
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Attest
To affirm the truth of something, promised to be what it is
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Subscribe
– signed “at the bottom” but does not have to be signed at the bottom in NC
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Witness
one who attest and subscribe (the testator, then two additional witnesses)
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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).
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Real property
Land and anything attached to it
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Personal Property
Everything else
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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
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Testate
A person who dies with a will.
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Intestate
A person who dies without a will.
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Personal representative
Person who is in charge of administering the estate, when there is a will it is an executor
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Executor
The personal representative for people with a will
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Administrator
The personal representative for people without awill
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Beneficiary
The people who inherit from someone who has a will
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Intestate succession
the law that tells you what happens if you die intestate
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Ambulatory
A will can be changed as long as you are capableof making a will.
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Execute
to perform or complete
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