POL 220 Chapter 9: Estate Planning

document that describes how an individual wants their property distributed upon death

person who has the duty of taking care of a person and that person's property

land, including anything affixed to the land or growing upon the land

goods and money; in general, property is either real or personal

person who has made a will

will that is written, subscribed, and acknowledged by the testator and witnessed by individuals who are not beneficiaries under the will

to sign one's name at the end of a document

to affirm that a document is genuine

will written entirely by the testator; the handwritten document is not witnessed. Not recognized by all states

oral will; not recognized by all states; made on the deathbed

will whose design, content, and appearance is provided by a state code

distinct provision, article, section, or paragraph in a written legal document

introductory part of a document

addition or change to a will. Does not contain the entire will, simply supplements the original document

gift by will of specific real property

Gift of specific amount of money

gift of specified amount of money that the testator included directions as to exactly which fund will be used to fulfill the gift

distributes all property not disposed of in the other clauses of the main body of the will

clause used to deprive an heir of the right to inherit

a person whose duties involve trust and good faith

clause that includes the date on which the document was executed and who signed the document

clause at the end of the will wherein all witnesses declare that the document was executed before them

child of the testator born during the testator's lifetime or in gestation at the time of the testator's death and born after the testator has died

legal arrangement in which one person or organization controls property or organization controls property or money for the benefit of another person or organization

individual or entity that is given control to administer property that is held in trust for the benefit of those named as beneficiaries of the trust

trust beneficiary holds the legal title; title that is enforceable in a court of law; legal title involves full ownership of trust property

trust beneficiary holds equitable title; the person holding equitable title has the right to benefit from the trust property

trust that is operative in the lifetime of the settlor

trust created by a will

trust created by law; court may determine that a person has by actual or constructive fraud or duress obtained a legal right to property that they should not in good faith posses

judicial procedure by which a will is proved valid or invalid; includes distributing property to the heirs and paying debts and taxes

person who has been named in a will to be responsible for completing the probate process

person named by the court to complete the probate process

co-ownership of property characterized by a right of survivorship

right that gives an individual the exclusive right to license the use of their identity for commercial promotion and prevents the unauthorized commercial use of an individual's name, likeness, or other recognizable aspects of one's persona

the state level

real estate (real property)

executors, trustees, and guardians

the trustee holds the legal title and the beneficiary holds the equitable title

A trust created in express terms and usually in writing

1. settlor
2. trustee
3. trust property
4. at least one beneficiary

living trust

involuntary trusts

- property placed in a living trust
- property held in joint tenancy
- life insurance benefits with named beneficiaries
- individual retirement accounts with named beneficiaries