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Flashcards in Chapter 52 Deck (28)
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1

What is the term for settling an estate through the court system?

Probate

2

Beneficiary

The person who receives property under a will

3

What is the term for the process by which an individual decides what to do with their real and personal property during and after life?

Estate planning

4

The individual who writes the will.

Testator

5

How must a trust terminate

On a set date
When an event occurs

6

When a person dies without a will then that individual is said to have died

Intestate

7

What uniform law deals with areas of estate planning including topics in wills and gifts?

Uniform Probate Code

8

What are the reasons that individuals engage in estate planning?

Provide for family financially
Arrange property to lower taxes
Promote family harmony

9

What is the term for when a testator is take advantage of and persuaded to write a will in a particular way due to a weak physical or emotional state?

Undue influence

10

An expression of wishes regarding the limits of health treatment?

Advance directives

11

An agent who is allowed to make medical decisions for a principal who is incapacitated

Health care proxy

12

In addition to the necessity that a testator sign a will, who else is required to sign it?

Witnesses - in order to attest the will

13

What is the term for a written document that allows an agent to make future medical decisions for a principal?

Durable power of attorney

14

What is the name of the individual who collects and distributes the property of a decedent's estate?

Personal representative

15

With a trust, a settlor delivers and transfers legal title to property to a what, who holds and uses the property for the benefit of a third person

Trustee

16

The requirement that a person be old enough and of sound mind to write a will.

Testamentary capacity

17

What is the term for a persons write to place limits on other peoples efforts to prolong life?

Right to die

18

The person who created a trust

Settlor

19

What is the term for a document that expresses the wishes of an individual as regards to their medical treatment?

Living will

20

What is the term for an entity that allows transfer of property to one person and then have the property's benefit given to another person?

A trust

21

What is it called when a will is terminated or no longer has effect?

Revoking or canceling

22

What allows a testator to change a will?

The fact that it is ambulatory

23

What is the term for state statutes that govern what occurs when a person dies with no will?

Intestacy statutes

24

What is the term for when the testator relies on false statements when a will is made?

Fraud

25

What is the term for when an individual has an interest in a will and thus, can bring an action in court regarding that will?

Standing

26

What deals not only with an individual's personal property but also how to handle an individual's organs and body after death?

Estate planning

27

What law outlines what happens when an individual dies without a will?

State law

28

Must be in writing, have a signature and be properly attested to by witnesses.

Will