Wills, Trusts, and Estates Vocabulary Flashcards

Flashcards for key vocabulary terms related to wills, trusts, and estates.

Testamentary Capacity

The legal ability for a person to execute a will, concerning age, mental ability, and intent.

Will Provisions

Legal stipulations that dictate terms and conditions within a will, including stipulations about surviving spouses and charitable gifts.

Mortmain Statute

A law that can void charitable gifts made shortly before a testator’s death due to concerns about undue influence.

Ademption

Occurs when property specified in a will is no longer owned by the testator at the time of death.

Lapse

Happens when a testator outlives the beneficiary, resulting in the gift becoming part of the residuary estate.

Abatement

The reduction of bequests in an estate to pay debts, where heirs receive only the remaining property after debts are settled.

Residuary Clause

A provision in a will that addresses the distribution of the remaining assets after all specific gifts have been made.

Nuncupative Will

An oral will made in the presence of witnesses, typically in urgent situations.

Holographic Will

A will written entirely in the handwriting of the testator and often does not require witnesses.

Execution of the Will

The process by which a will is signed and validated by witnesses, making it legally binding.