Day 71 ………12/11. How does Divorce differ from Annulment?. Day 72 …… 12/12. List 4 possessions that you own. Upon your death to whom would you leave each possession ?. Property distribution upon death. Will Intestacy Trusts.
How does Divorce differ from Annulment?
List 4 possessions that you own.
Upon your death to whom would you leave each possession ?
Legal expression by which a person directs how his/her property will be distributed after death.
Decedent - Deceased person
Heirs - Persons who inherit by right of relationship
Beneficiary or Heir?Will basics
A man who makes a will is called a testator, a woman is called a testatrix.
The testator/testatrix must have capacity to create a will.
A will must be
The testator/testatrix should write a new will or change it by a codicil (amendment to a will).
The will may state a guardian for children if spouse is not alive
ChildrenChanges to your will
Who sees that your wishes are met upon death? (testate)
Special Power of Attorney
AND what are there laws that protect family / spouse - Intestacy?
19.2 – vocab and assessment #1-9
The administrator must distribute the estate according to the laws of the state
What is the benefit of having a living Will?
Transfer of property from one party to another with instructions on how it is to be managed for the benefit of the transferor or a third party
The creator of the trust is known as the *settlor.
Trusts may be created during the lifetime of the settlor, known as *inter vivos trust
Trusts created after the death of the settlor in correspondence with his or her will, known as a *Testamentary trust
*Charitable trust is created for the fulfillment of humane purposes.
*Private trust is created for a private purpose
*Express Trusts are created by a written or oral statement in which all terms are clearly expressed.
1. What is an executor?
2. What is an administrator?
3. What is the term for when a person dies without a will?
4. What is a holographic will?
5. What is the transfer of property from one person to another called?