Probate Ch 1

  1. Estate Planning
    A method of preparing for the administration of a person's property upon death by using documents and other arrangements usually to reduce the costs of administration and taxes.
  2. Will
    A testamentary document that distributes wealth and directs how the estate should be administered.
  3. Testator
    A man who makes and executes a will.
  4. Testatrix
    A woman who makes and executes a will
  5. Probate
    The process of (a) a court admitting a will as valid, and/or (b) administering a decedent's estate
  6. Intestate
    Dying without a valid will.
  7. Uniform Probate Code (UPC)
    State legislatures can adopt this body of law relating to all matters in which a probate court has authority.
  8. Objectives of a will:
    • 1. We choose who receives the estate
    • 2. We can leave property to individuals or organizations that would not receive it if we died intestate
    • 3. We could reduce taxes
    • 4. We could nominate a personal representative to administer the estate
    • 5. We could nominate a guardian for a minor
    • 6. We could save money by lowering costs of administering the estate
  9. Real Property
    Land and items securely attached to it
  10. Fixtures
    Personal property that is securely attached to the land so that it takes on the characteristics of real property and is treated as real property under the law.
  11. Fee Simple
    The highest interest in land. One person has full ownership to the land.
  12. Tenancy in common
    An interest held by two or more persons, each having a possessory right in the same piece of property.
  13. How real estate is transferred upon death of owner:
    • 1. Gifting the realty to the beneficiary in a will
    • 2. Gifting the realty to a trust to be held for the benefit of a beneficiary
    • 3. Dying intestate and having the statutes of intestate succession prescribe the rightful heir to the land.
  14. 3 Types of Concurrent Ownership
    • 1. Tenancy in common
    • 2. Joint tenancy
    • 3. Tenancy by the entirety
  15. Joint Tenancy
    A single estate in property held by two or more persons created under one instrument at one time.
  16. Tenancy by the entirety
    Ownership of property by a husband and wife together
Card Set
Probate Ch 1
Probate Ch 1