Estate Planning and Probate Flashcards

Which type of trust allows a grantor to retain control during their lifetime but avoids probate upon death?

Answer: Revocable living trust

A revocable living trust transfers assets outside of probate because the trust, not the individual, holds title to the assets at death.

Under the Uniform Probate Code, what is the term for the person named in a will to administer the estate?

Answer: Personal representative

The UPC uses 'personal representative' as the gender-neutral term for the executor or administrator of an estate.

A pour-over will directs assets to which entity at the testator's death?

Answer: A revocable living trust

A pour-over will transfers any assets not already in the trust into the grantor's revocable living trust upon death.

Which document grants someone authority to make healthcare decisions for an incapacitated principal?

Answer: Healthcare proxy / medical power of attorney

A healthcare proxy or medical power of attorney designates an agent to make medical decisions when the principal cannot.

What is the legal term for assets that pass directly to named beneficiaries outside of a will or trust?

Answer: Non-probate assets

Non-probate assets, such as life insurance proceeds and retirement accounts with named beneficiaries, pass by contract and bypass probate.

Which doctrine allows a court to modify a charitable trust whose original purpose has become impossible or impractical?

Answer: Cy pres doctrine

The cy pres doctrine permits courts to redirect charitable trust assets to a similar charitable purpose when the original purpose fails.

When a decedent dies without a valid will, their estate is distributed according to:

Answer: Intestate succession statutes

Intestate succession statutes establish a priority order of heirs—typically spouse, then children, then other relatives—when no valid will exists.