Part 2: BLAW Exam 4

Define per capita 

By Heads, Per person.

Way of expressing something in terms of each individual within a group or population

Define per stipes

By the roots.

Dividing things equally among family branches, not individuals

What is a codicil?

Document that modifies or adds to a will without rewriting the whole thing.

What does “intestate” mean?

Dying without a valid will

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

14 years old

What are the elements of testamentary capacity?

Of Age and of Sound Mind

What are the formal requirements of a Will?

1. Have testamentary capacity

2. Know objects of your bounty

3. Know the nature and character of your property

4. Be able to express testamentary intent as to the disposition of your property

What is Year’s Support?

Law that lets a surviving spouse or kids get enough property from an estate to support themselves for a year after someone dies.

What is an Advance Directive?

Legal document that says a person's wishes regarding medical treatment and care in case they can’t speak for themselves.

What is a Power of Attorney?

Legal document that gives someone the authority to make decisions for you. (regarding finances or healthcare)

Who are “heirs?”

Individuals who would inherit property from someone who has died without a will

Who are “beneficiaries”?

Individuals who inherit property from someone who has died.

(named in your will)

How are heirs determined?

laws of inheritance or by a person's will

What is probate and what is the process?

Proving whether a document is the last full testament of the decedent.

Process includes: Notifying the heirs and prove it. (witnesses of the will). Then name someone as personal representative.

What is “administration” of an estate?

Managing and distributing someone's assets after they die

Who is the personal representative?

Executor (testate) or Administrator (intestate)

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

Letters of Administration or Letters Testamentary

Who are the parties to a trust?

Trustee

Grantor

Beneficiary

What is the property of a trust called?

Trust assets

What is an inter-vivos trust?

Trust created when you’re alive. Between the living

What is a testamentary trust?

Trust that starts after someone dies.

What is a revocable trust?

Trust that you (grantor) can change or cancel anytime

What is an irrevocable trust?

Trust you (grantor) can't change once you make it

What is a spendthrift provision?

Asset protection tool.

It prohibits creditors from reaching the assets of a trust

What is a fiduciary?

Someone who has Duty of Loyalty to take care of someone else's stuff and make decisions for their benefit

What authority does Congress have to tax under the constitution?

Broad authority

a/k/a ad valorem taxes

How is the tax calculated?

What is a Millage Rate?

At what levels of government are this tax collected?