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Wills Midterm
Want to study for my midterm? Here you go!
46
Law
Undergraduate 1
10/11/2009

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Cards

Term
estate
Definition
property a decedent had either prior to the distribution to a trust or owned at the time of death
Term
Uniform Probate Code 
Definition
uniform law intended to modernize the laws related to decedents' estates & trusts; has not been adopted by all states
Term
elective share
Definition
statutory rights, granted by most states, to elect to take a share of the deceased spouse's estate rather than taking what was provided for by the deceased spouse's will
Term
advance directive
Definition
allow people to express desires about end of life care ahead of time (living will, durable power of attorney, health care proxy, organ donation)
Term
escheat 
Definition
to pass property to the state, as is done with the asssts of a person who dies without a will & without heirs
Term
elder law
Definition

area of law which impacts lives of older citizens, encompasses planning issues, estate and trust administration as well as Medicaid planning


Term
will contest
Definition
objection to the validity of a will, arises when a person who would otherwise have an interest in the estate feels that his interest was somehow improperly interfered with by another person
Term
tickler system
Definition
method of keeping track of important dates & filing docs
Term
testamentary capacity 
Definition
ability to understand and have the legal capacity to make a will
Term
heirs at law
Definition
heirs that would inherit if the decedent had died intestate
Term
codicil 
Definition
provision that amends/modifies an existing will
Term
probate court
Definition
determines will validity, settles estate debts & distributes assets
Term
Medicaid
Definition
gov't program that provides medical and long term care to those who cannot afford it and is funded by partnership between fed & state govt
Term
ownership
Definition
vital to determining whether a person is able to leave property in his  will
Term
fixture
Definition
personal property that has become permanently attached or associated with real property (know examples)
Term
trade fixtures
Definition
personal property installed by tenant to aid in operating business; tenant normally allowed to remove these items when they leave (shelves, refrigerator unit)
Term
tangible personal property
Definition
personal property that can be held or touched (furniture, jewelry)
Term
living will
Definition
A document that expresses a person’s wish to be allowed to die without being kept alive by artificial means, expresses the desire to use or refrain from using extraordinary measures to prolong life where there is no reasonable expectation of recovery 
Term
intangible personal property
Definition
personal property that as no physical presence but is represented by a certificate or some other instrument (stocks, trademark, paper money)
Term
probate property
Definition
property that is owned solely by te decedent or as a tenant in common at the time of death; subject to claims of creditors
Term
tenants by the entirety
Definition

form of ownership of property, joint tenancy, only between Husband and Wife, not valid in all states; required unities:

1. marriage

2. possession

3. interest

4. title

5. time

Term
joint tenants with rights of survivorship
Definition

form of ownership that requires four unities:

1. possession

2. interest

3. title

4. time

Term
tenants in common
Definition
form of ownership where two or more people own and possess an undivided interest in the whole property; do not have to own equal share, but equal right to enjoyment, no right to survivorship
Term
constructive trust
Definition
trust imposed by te court on equitable grounds against a person who as wrongfully obtained property of another 
Term
implied trust
Definition
trust created by an operation of law
Term
resulting trust
Definition
trust created by a court when the facts indicate the parties did not intend for the legal owner of the property to also have a beneficial interest in the property 
Term
legal title
Definition
A title that indicates legal ownership but not necessarily a beneficial interest.
Term
equitable title
Definition
A title that shows a beneficiary interest in property.
Term
real property
Definition
the land itself and any personal property affixed to the land
Term
goodwill
Definition
A business’s reputation, its good business name, the marketability of its products.
Term
gross estate
Definition
Term
warranty deed
Definition
A deed guaranteeing clear title to real property.
Term
joint will
Definition
A single document intended to be the will for both spouses and which is signed by both parties; discouraged because changes in testator's lives render it invalid
Term
noncupative will
Definition
An oral will, usually made by the testator near death.
Term
holographic will
Definition
A will entirely written and signed by the testator in that person’s own handwriting.
Term
pretermitted child
Definition
A child left out of a parent’s will, either intentionally or unintentionally.
Term
homestead allowance
Definition
Term
family allowance
Definition
Term
posthumous/afterborn child
Definition
Term
valid will
Definition
A will that is executed in compliance with the laws of the state in which it was executed
Term
slayer statutues
Definition
Term
affinity
Definition
Relationship by marriage; degree of affinity may determine who might be an heir
Term
collateral heir
Definition
Term
per stirpes
Definition
Term
per capita
Definition
The equal division of assets according to the number of surviving heirs with the nearest degree of kinship; literally: by the heads
Term
simultaneous death
Definition
When it cannot be established that one person died before another.
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