Funeral Service Law and Compliance Week 5 : Part II
codicil
An addition or amendment of a last will and testament executed with the same formality as the will.
Ademption
The extinction or withdrawal of an inheritance because decedent did not own the property at the time of death.
Preferred claim
a claim which is accorded a priority, advantage or privilege
Unsecured claim
a claim which is not supported by a pledge, mortgage or lien on other assets.
Probate court
a court having jurisdiction over estates.
Secured claim
a debt which is supported by a pledge, mortgage or lien on assets belonging to the debtor
Living will
a document which governs the withholding or withdrawal of life-sustaining treatment from an individual in the event of an incurable or irreversible condition that will cause death within a relatively short time, and which becomes effective when such person is no longer able to make decisions regarding his/her medical treatment
Uniform Probate Code
a model law intended to achieve uniformity in probate proceedings throughout the U.S
testator or testatrix
a person who makes a valid will.
Durable power of attorney
a power of attorney that remains in effect after the disability or incapacity of the principal (see also power of attorney).
abatement
a proportional reduction of a legacy under a will when assets out of which such legacy are payable are not sufficient to pay it in full
Mortgage
a secured loan on a parcel of real property.
Holographic Will
a will written entirely by the hand of the testator.
Springing power of attorney
a written instrument authorizing one person to act as an agent for another effective only upon a certain event occurring
General power of attorney
a written instrument granting the agent broad powers to act for the principal.
Solvent estate
an estate in which the assets exceed the liabilities.
Will
an instrument executed with required formality, by persons making disposition of their property to take effect upon their death.
Power of attorney
an instrument granting someone authority to act as agent or attorney-in-fact for the principal; an ordinary power of attorney is revocable and automatically terminates upon the death or incapacity of the principal.
Escheat
forfeiture of a decedent's property to the state in the absence of heirs
devise
gift of real or personal property by will
Inventory
listing and valuation of a decedent's assets by personal representative of the estate
heir
one who inherits, or is entitled to receive property by laws of intestacy
Nuncupative will
oral will declared or dictated by testator during last illness before appropriate witnesses to dispose of personal property and afterwards reduced to writing (not valid in all states)
Personal representative
person who is appointed by the court to represent and administer the estate of deceased persons
Testate
the condition of leaving a will at death.
Insolvent estate
the condition of the estate of a deceased person which is unable to pay the debts of the decedent and/or the estate.
Inheritance
the estate which passes from the decedent to heirs.
Per capita
the method of dividing an estate by which an equal share is given to each of a number of persons, all of whom stand in equal degree of kindred to the decedent.
Per stirpes
the method of proportionately dividing an estate between beneficiaries according to their deceased ancestor's share.
Intestate succession
the method used to distribute property owned by a person who dies without a valid will
Revocation
the omission or cancellation of an instrument, act, license or promise.
Devisee
the person who receives a devise.
Probate
the process of administering the estate and determining the validity of a will.
Probate estate
the property and debts of a decedent that is subject to administration by the personal representative of an estate.
Intestate
the state or condition of dying without having made a will; intestacy.
