Chapter 50 - Wills and Trusts

Chapter 50 - Wills and Trusts - Law & Society I M W...

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Law & Society I Key : M W 9:30AM, Snell 213 Normal, dark blue, size 12 font: Every header found in text John Exley, ID: 0160294 Normal, black, size 12 font: Excerpts from text 11.18.08 Bold, black, size 12 font: Vocabulary from text Chapter 50: Wills and Trusts Pages 1027-1045 Intestate: As a noun, one who has dead without having created a valid will; as an adjective, the state of having died without a will. Intestacy Laws: State statutes that specify how property will be distributed when a person dies intestate (without a valid will); statues of descent and distribution. Escheat: The transfer of property to the state when the owner of the property dies without heirs. Estate Planning: Planning in advance how one’s property and obligations should be transferred on one’s death. Wills and trusts are two basic devices used in the process of estate planning. Section 1 – Wills Will: An instrument directing what is to be done with the testator’s property on his or her death, made by the testator and revocable during his or her lifetime. No interests in the testator’s property pass until the testator dies. Testator: One who makes an executes a will. Testate: The condition of having died with a valid will. Executor: A person appointed by a testator to see that his or her will is administered appropriately. Administrator: One who is appointed by a court to handle the probate (disposition) of a person’s estate if that person dies intestate (without a valid will) or if the executor named in the will cannot serve. Laws Governing Wills
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Chapter 50 - Wills and Trusts - Law & Society I M W...

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