Chapter 20 vocab
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Last updated 5:15 PM on 4/26/23
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23 Terms
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Decedent
A deceased person
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Intestate
To die w/o a will
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Executor
Intestates personal representative appointed to settle the estate
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Estate
Property of the deceased
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Testate
To die with a valid will
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Testator
Maker of a will
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Nuncupative
Orally made will
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Settlor
Creator of a trust
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Testamentary trust
Trust created by the will of the settlor
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Escheats
A reversion of estate property to the state
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Charitable trust
Trust created for the fulfillment of an altruistic purpose
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Express trust
Trust in which terms are explicitly stated by the settlor
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Holographic will
Will written and signed by the maker and not witnessed
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Trust
Legal vehicle used to transfer the immediate control of property to another party
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Inter vivos trust
Trust created during the lifetime of the settlor
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Administrator
Court appointed representative for a decedent
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Codicil
Formal, written, and witnessed amendment to a will
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Trustee
Legal entity having title to the property named in a trust
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Beneficiary
Party who’s benefit a trust is managed
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Private trust
Trust created for private reasons
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spendthrift trust
Trust created to protect the beneficiary’s interest in a property from the beneficiary’s creditors
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resulting trust
Implied trust formed to hold property for its original owner
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Constructive trust
Created to require a person holding property to transfer it to another b/c retention would be a wrongful and unjust enrichment of the holder