Essentials of Business Law Chapter 27

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  1. Decedent
    A deceased person.
  2. Will
    A person's declaration of how he or she wishes property to be distributed upon his or her death.
  3. Testator
    The person who makes a will.
  4. Probate court
    The court responsible for accepting a will that meets all statutory requirements and for supervising the operation of a will.
  5. Personal representative
    The person responsible for settling the affairs of the decedent.
  6. Executor
    A personal representative named in the will.
  7. Administrator
    A personal representative appointed by a court.
  8. Interstate
    The state in which a person dies without a will.
  9. Beneficiary
    An individual who receives gifts of personal or real property by will.
  10. Legacy
    A gift of money by will.
  11. Bequest
    A gift of personal property by will.
  12. Ademption
    When a specific bequest of personal property is made, but the personal property is disposed of before the death of the testator.
  13. Devise
    A gift of real property by will.
  14. Holographic will
    A will that is completely handwritten.
  15. Nuncupative will
    An oral will.
  16. Testamentary capacity
    The requirement that a testator be of sound mind and legal age.
  17. Codicil
    A document, separate from the will, in which a person can make legal changes to his or her will.
  18. Advanced directive
    A device that documents an individual's expressed wishes regarding his or her health care in the event that the individual is incapacitated without hope of recovery.
  19. Living will
    A document in which a person directs his or her physician and/or health proxy to forgo certain extraordinary medical procedures in especially dire circumstances.
  20. Trust
    A device or mechanism that permits personal or real property to be held by one party, the trustee, for the benefit of another, the beneficiary.
  21. Trustee
    A person who is entrusted with the management and control of another's property rights associated with that property.
  22. Settlor
    A person who sets up a trust while still alive.
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Essentials of Business Law Chapter 27
Chapter 27
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