Wills, Trusts, and Estates Lecture Notes

These flashcards cover essential terms and definitions from the lecture on wills, trusts, and estates, aiding in understanding key concepts for the upcoming exam.

Testator

The person who makes a will.

Intestate

Dying without a will.

Probate assets

Assets that are subject to distribution by a probate court.

Beneficiary

A person or entity entitled to inherit under a will.

Executor

The person appointed in a will to manage and distribute the estate.

Administrator

The person appointed by the court to manage the estate when there is no will.

Codicil

An amendment made to an existing will.

Per stirpes

A method of distributing an estate where a deceased person's share goes to their descendants.

Revocation of will

The act of canceling a will, which can be done by destruction, writing a new will, or creating a document of revocation.

Irrevocable trust

A trust that cannot be altered or terminated without the permission of the beneficiaries.

Power of attorney

A legal document that allows one person to act on behalf of another.

Living trust

A trust created during a person's lifetime.

Testamentary trust

A trust that is created as part of a will and comes into effect after the testator's death.

Durable power of attorney

A legal document that remains in effect even after the principal becomes incapacitated.

Health care power of attorney

A document that designates someone to make health care decisions on behalf of the principal.

Living will

A document that outlines the wishes regarding medical treatment in case of terminal illness.