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Wills and Estates Terminology

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Testator/Testatrix

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The person who has made a valid will. A man is referred to as the testator, while a woman may be referred to as the testatrix.

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Intestate

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Describes a situation where a person dies without leaving a valid will. The estate is then distributed according to state laws.

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Guardian

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An individual who is legally appointed to care for another, usually a minor or someone who is unable to manage their own affairs.

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Codicil

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A legal document that modifies, deletes, or adds to the content of an existing will.

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Joint Tenancy with Right of Survivorship

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A form of co-ownership where property automatically passes to the surviving co-owners upon a co-owner's death.

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Gift Over

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A provision in a will or trust that stipulates where property will go if the primary beneficiary is unable to inherit.

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Real Property

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Land and any structures that are permanently attached to it, such as houses, buildings, and other fixtures.

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Intestate Succession

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The legal process that dictates how a decedent's assets are distributed if they die without a will, according to the laws of the jurisdiction.

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Attestation

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The act of witnessing a person's signing of an instrument of writing, like a will, and then also signing as a witness to affirm it was properly signed.

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Probate

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The legal process through which a will is reviewed to determine whether it is valid and authentic.

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Undue Influence

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A legal term referring to the improper use of power or trust in a way that deprives a person of free will and substitutes another's objective.

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Holographic Will

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A will entirely handwritten and signed by the testator, which some jurisdictions accept as valid without witnesses.

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Personal Representative

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The person named in a will, or appointed by a court, who is given the authority to manage or distribute the assets of an estate.

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Per Stirpes

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A method of distributing an estate where beneficiaries receive an equal share of an estate based on their relationship to the deceased.

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Living Trust

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A trust created during the trustor's lifetime that allows for the management of assets and can avoid probate upon death.

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Bequest

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The act of giving assets, personal property or possessions through a will.

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Beneficiary

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A person or entity designated to receive benefits from a will, trust, insurance policy, or other contractual arrangement.

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Trustee

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An individual or organization that holds and manages assets for the benefit of a third party under the terms of a trust agreement.

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Estate Tax

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A tax levied by federal and/or state governments on the value of a deceased person's assets before they are distributed to beneficiaries.

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Trust corpus

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The principal amount of assets or property held in a trust. This may grow or shrink due to the trustee's management.

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Letters Testamentary

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Official documents issued by a probate court granting an executor the authority to act on behalf of the deceased's estate.

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Executor/Executrix

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The individual appointed by a testator to execute the terms of the will. A man is referred to as the executor, and a woman may be referred to as the executrix.

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Heir

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A person entitled to inherit assets from the estate of a deceased person when there is no will.

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Power of Appointment

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A legal document that allows an individual to select who will inherit certain parts of their estate.

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Trust

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A fiduciary relationship where one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.

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