Wealth & Property
Intestate Succession
Estate Planning for Newbies
Wills
Trusts
100
Possession, time, title, interest, and person.
What is the five unities? (or the unities required for tenancy by entirety).
100
Children, grandchildren, great-grandchildren.
What is issue (or descendants)?
100
"To my brother Belisarius I grant $1,000 from my checking account ending in 0943."
What is demonstrative bequest?
100
This will hereby supercedes and renders powerless any previous wills, codicils, or testamentary instruments."
What is a revocation clause?
100
The creator of a trust.
What is the settlor?
200
A model law states may adopt in whole or in part that govern wills and probate process.
What is the Uniform Probate Code?
200
Taking by "right of representation."
What is per stirpes?
200
A power of attorney that continues after the principal becomes incompetent.
What is a durable power of attorney?
200
"I, Foxy McFoxerton, being of sound mind and appropriate age, do hereby make this my Last Will and Testament."
What is an exordium clause?
200
"As near as possible"
What is cy-pres doctrine?
300
Holding the entire "bundle of sticks" of property rights.
What is fee simple absolute ownership?
300
Brothers, sisters, aunts, uncles.
What are collateral heirs?
300
"To my sister Agripina I devise my 12 pieces of eight."
What is specific bequest?
300
"I freely and with my own desire do hereby sign my name to this will on this ___ day of _____, 2015, in the presence of two witnesses."
What is a testimonium clause?
300
Held by the trust beneficiary.
What is equitable title?
400
Totten trusts, inter vivos gifts, payable on death U.S. savings bonds, life insurance with designated beneficiaries.
What is non-probate property?
400
When the state gets your stuff upon your death.
What is escheat?
400
The last type of gift to abate.
What is a specific bequest?
400
"In the event any beneficiary attacks this will his or her gift will immediately be revoked and become part of the residuary.
What is an in terrorem clause?
400
A payable on death bank account.
What is a totten trust?
500
Time of acquisition and source of funds used to acquire.
What is the two tests to determine separate property?
500
The entire estate or the first $150,000 plus 1/2 the estate.
What is the share of the spouse?
500
Also known as a deathbed will.
What is nuncupative will?
500
Protected the surviving husband from disinheritance.
What is curtesy?
500
A document that moves non-trust property into the trust upon the creator's death.
What is a pour-over will?
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