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Wills and Estates Terminology
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Testator/Testatrix
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.
Intestate
Describes a situation where a person dies without leaving a valid will. The estate is then distributed according to state laws.
Guardian
An individual who is legally appointed to care for another, usually a minor or someone who is unable to manage their own affairs.
Codicil
A legal document that modifies, deletes, or adds to the content of an existing will.
Joint Tenancy with Right of Survivorship
A form of co-ownership where property automatically passes to the surviving co-owners upon a co-owner's death.
Gift Over
A provision in a will or trust that stipulates where property will go if the primary beneficiary is unable to inherit.
Real Property
Land and any structures that are permanently attached to it, such as houses, buildings, and other fixtures.
Intestate Succession
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.
Attestation
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.
Probate
The legal process through which a will is reviewed to determine whether it is valid and authentic.
Undue Influence
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.
Holographic Will
A will entirely handwritten and signed by the testator, which some jurisdictions accept as valid without witnesses.
Personal Representative
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.
Per Stirpes
A method of distributing an estate where beneficiaries receive an equal share of an estate based on their relationship to the deceased.
Living Trust
A trust created during the trustor's lifetime that allows for the management of assets and can avoid probate upon death.
Bequest
The act of giving assets, personal property or possessions through a will.
Beneficiary
A person or entity designated to receive benefits from a will, trust, insurance policy, or other contractual arrangement.
Trustee
An individual or organization that holds and manages assets for the benefit of a third party under the terms of a trust agreement.
Estate Tax
A tax levied by federal and/or state governments on the value of a deceased person's assets before they are distributed to beneficiaries.
Trust corpus
The principal amount of assets or property held in a trust. This may grow or shrink due to the trustee's management.
Letters Testamentary
Official documents issued by a probate court granting an executor the authority to act on behalf of the deceased's estate.
Executor/Executrix
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.
Heir
A person entitled to inherit assets from the estate of a deceased person when there is no will.
Power of Appointment
A legal document that allows an individual to select who will inherit certain parts of their estate.
Trust
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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