Chapter 9: Estate Planning: Wills, Trusts, and Probate

Witnessed

A document is witnessed when the witness signs his or her name attesting that he or she observed the execution of a particular document or instrument.

Real Property

Land, including anything affixed to the land or growing upon the land.

Personal Property

Goods and money; in general, property is either real or personal.

Testator/Testatrix

A person who has made a will; a testator is a man and a testatrix is a woman.

Holographic Will

A will written entirely by the testator; the handwritten document is not witnessed. Not all states recognize holographic wills.

Nuncupative Will

An oral will; not all states recognize nuncupative wills.

Subscribe

To sign one's name at the end of a document.

Acknowledge

To affirm that a document is genuine.

Beneficiary

A person named in a will who will benefit from a transfer of specific property.

Exordium Clause

The introductory part of a document.

Revoke

To take back or to make void.

Codicil

An addition or change to a will. A codicil does not contain the entire will; it simply supplements the original document.

Bequest

A gift by will of specific personal property.

Devise

A gift by will of specific real property.

General Legacy

A gift of a specific amount of money.

Demonstrative Legacy

A gift of a specified amount of money in which the testator includes directions as to exactly which fund will be used to fulfill the legacy.

Disinheritance Clause

A clause used to deprive an heir of the right to inherit

Fiduciary

A person whose duties involve trust and good faith.

Executor/Executrix

A person chosen by a testator/ testatrix to carry out the directions in the will; an executor is a man, whereas an executrix is a woman.

Guardian

A person who has the duty of taking care of a person and that person's property.

Trustee

A person who holds property in trust; a trust is created by a grantor for the benefit of specific beneficiaries.

Testimonium clause

A clause that includes the date on which the document was executed and who signed the document.

Attestation Clause

A clause at the end of a will wherein all witnesses declare that the document was executed before them.

Publish

To make something known to people.

Intestate succession

When a person dies without a will, his or her estate will be disposed of under the laws of intestate succession. The laws of intestate succession will dispose of the property under the state laws of descent and distribution.

Decedent

A person who has died; a deceased person

Legal Title

Title that is enforceable in a court of law; legal title involves the full ownership of the trust property.

Equitable Title

A trust beneficiary holds equitable title; the person holding equitable title has the right to benefit from the trust property.

Settlor

The person who creates a trust.

Living Trust

A trust that is operative during the lifetime of the settlor.

Probate Court

A court that has jurisdiction over the probate of a will and the administration of a decedent's estate.

Lestamentary Trust

A trust created by a will.

Constructive Trust

A trust created by law; the court may determine that a person has by actual or constructive fraud or duress obtained a legal right to property that he or she should not in good faith possess.

Probate

The judicial procedure by which a will is proved valid or invalid; includes distributing property to the heirs and paying debts and taxes.