Probate Law

This document identifies the executor, recites hat the executor is executing the deed in her capacity as executor, provide the legal description of the property and be signed by the executor.

Executor's Deed

When a person dies without a will

Intestate

A nuncupative will

Oral Will

The court process where the validity of a deceased person's will is determined

Probate

The court having sole jurisdiction over the estate

Probate Court

This type of will is for those people who can easily state who gets what

Simple Will

This type of will sets up a trust fund that is administered by a third party.

Testamentary Trust Will

The filing and proving of the will following death

probate

Who may take property by intestate succession?

spouses, children, and blood relatives

If you die with a valid will you died ___________

testate

A written disposition of property, real or personal, to take effect at the date of an individual

will

If a person dies intestate without any legal heirs who can take property by right of intestate succession, then the property is subject to __________

escheat

True/False: All assets held in trust are part of the probate estate?

False

Receiving property pursuant of statutes when someone has died intestate

Intestate succession

This will is made between two people, usually married people. When one person dies, everything goes to the second person. When the second person dies, then the will states what other people will get the assets.

Joint Will

The person who is the beneficiary of personal property by a will

Legatee

Complement to a living will that lets your representative known how he or she is to handle your personal and financial matters when you die.

Letter of Last instruction

A legal document that lets everyone known what kind of medical care you wish to receive if you are about to die

Living Will

True/False: Joint Accounts and Payable on Death Accounts are not part of the probate estate

True

What is escheat?

the legal title to the real estate owned by someone who died intestate will be transferred to the state where the real estate is located if there are no legal heirs

What (6) makes a will valid?

1. Legal age 2. Capacity 3. Voluntary 4. Intent 5. Proper Disposal of Property 6. Signatures of testator and witnesses that are dated

What components need to be included in a living will?

1. List of medical wishes 2. Parts required by your state (number of witnesses and notary)

What are two other names of a living will?

1. Medical Directive 2. Advance Directive

What are the two ways in which someone can change a will?

1. Revoke 2. Codicils

What six sections should a will include?

1. Title and names 2. Executor 3. Assets and debts 4. Who gets what 5. Additional instructions 6. Signature

What needs to be on a will to make it legal?

1. Titled in a way that lets people know its your will 2. Full legal name along with other identifying information (date of birth, address, father's name etc.) 3. Date the document and state that this will takes the place of any prior wills you have written

A person appointed by the court to manage and take charge of the assets and liabilities of a decedent who has died without making a valid will

Administrator

Document that states that the administrator is deeding the property in his capacity as administrator, provide a legal description of the real estate and be signed by the administrator

Administrator's Deed

A gift of personal property received through a will

Bequest

Transfer of real estate by will

Devise

A document that appoints a specific person to make decisions for you that are in lie with your wishes

Durable Power of Attorney

A personal representative of the decedent appointed in the will to carry out the provisions of the will

Executor

A person who dies leaving a valid will

Testator

A person who is entitled to receive a distribution of a deceased person's property either pursuant to the will or by operation of law

heir

Another name for an executor is a:

personal representative

All the assets personally owned at death, including all real estate, comprise your ________ ________

probate estate