Estates, Wills, and Trusts

Who is a testator?

The person who makes/writes a will

What is a bequest?

A gift made at death

What is ademption?

No longer owning something you owned when you wrote your will

Who is a person’s “issue?

only children

Define per capita

(by heads): dividing a gift equally among a group

define per stirpes

(by roots): means the same as above but if some dies before receiving gift, their share goes to their children and so on till it find a living recipient

What is a codicil?

Amendment to a will

What does “intestate” mean?

Die without a will

How old does a person have to be in Georgia to make a Will?

14

What are the elements of testamentary capacity?

1. Be of age

2. Know objects of your bounty (your heirs)

3. Know the character of your property

4. Express some wishes on the disbursement of your property

What are the formal requirements of a Will?

1. In writing

2. Signed by testator or at testator discretion 

3. Signed in presence of witness

   1. The witness also signs

What is Year’s Support?

 Law that prohibits effectively disinherit minor age children or spouse (you get one years worth of support)

What is an Advance Directive?

 Document that is a living will, what you want for your medical care

1. You can appoint a agent to make those decisions

What is a Power of Attorney?

 Legal agent who can financial decisions for you

Who are “heirs?”

those who inherit your estate without a will 

Who are “beneficiaries?”

 those who actually inherit your estate when appointed in a will

How are heirs determined?

By statue (by law)

What is probate and what is the process?

The process to prove that it is the deceased last will made 

What is “administration” of an estate?

The process to appoint someones to disburse items in will

Who is the personal representative?

 The executor or administrator

What are the papers issued by the probate court giving the personal representative authority?

The letters of administration (no will), the letters of testamentary (you have a will)

Who are the parties to a trust?

Trustee and beneficiary and grantor

What is the property of a trust called?

 The corpus 

What is an inter-vivos trust?

Created during life

A testamentary trust?

Created upon death

What is a revocable trust?

Can be revoked or changed or terminated The opposite, cannot be revoked

what is an irrevocable trust?

cannot be revoked or changed once established

What is a spendthrift provision?

a clause in a trust or will that limits a beneficiary's access to trust assets, preventing them from using them to secure credit or being reached by creditors

What is a fiduciary?

 Always owe a duty of loyalty 

1. Trustee, agents, directors of a corporations