An Administrator's Deed is a legal document used to convey the property of a deceased person who died without a will, a situation known as intestacy.
Avoiding probate involves using various estate planning techniques to eliminate assets from the legal probate process. Methods include jointly held property, living trusts, and lifetime gifting. It's important to note that avoiding probate does not exempt assets from federal estate or gift taxes.
A bequest is a gift made through a will, which dictates the transfer of property or assets from a deceased individual to beneficiaries.
A contingent beneficiary is an individual or entity entitled to receive the proceeds or benefits of a trust or estate only when a specified event occurs, such as the death of a named beneficiary.
A decedent is a term used in law and in financial contexts to refer to a person who has died. It is most commonly used in the context of estates, taxes, and legal proceedings.
An executor is a person appointed in a will to administer the estate of a deceased person, ensuring that assets are distributed and liabilities are paid as per the instructions in the will.
A person who dies without having made a will. The estate, in these circumstances, is divided according to the rules of intestacy. The division depends on the personal circumstances of the deceased.
Lifetime gifts are a strategic and effective vehicle for transfer in estate planning. They eliminate all probate and administration expenses on the property transferred, providing financial benefits and simplicity for estate management.
A nuncupative will, also known as an oral will, is a testamentary disposition made verbally in the presence of witnesses, and is seldom valid in most jurisdictions.
Circumstances that arise if a will covers only part of the estate of the deceased, leading to a mix of estate distribution based on the will and the rules of intestacy.
Probate is the legal process by which a will is proved valid or invalid, encompassing all procedures necessary to authenticate the document and administer the estate of the deceased.
A remainderman is the beneficiary entitled to the remainder or residue of an estate once expenses, specific legacies, and inheritance taxes have been satisfied. This term often comes into play in the context of trusts and will estates, designating who receives property after the preceding estate benefits or interest.
A testator (or testatrix) is an individual who creates a will to dictate the distribution of their property and assets after their passing. Without a will, the property passes to the heirs according to state law or reverts to the state.
