Trusts, Wills & Probate Flashcards

What is the legal term for the person who creates a trust and transfers property into it?

Answer: Grantor

The grantor (also called settlor or trustor) is the person who creates a trust and transfers assets into it for the benefit of the beneficiaries.

Which type of will is entirely handwritten and signed by the testator, typically requiring no witnesses in jurisdictions that recognize it?

Answer: Holographic will

A holographic will is entirely in the testator's own handwriting and signed by them; many states recognize such wills without requiring witness signatures.

What is 'intestate succession'?

Answer: The statutory distribution of assets when a person dies without a valid will

Intestate succession refers to the state statutory rules that govern how a decedent's estate is distributed when they die without a valid will.

What is the primary function of an executor named in a will?

Answer: To gather assets, pay debts, and distribute the estate according to the will's terms

An executor (personal representative) is appointed to administer the estate: marshaling assets, satisfying debts and taxes, and distributing the remainder to beneficiaries.

Which type of trust is created within a will and only becomes operative upon the testator's death?

Answer: Testamentary trust

A testamentary trust is established by the terms of a will and comes into existence only at the testator's death, then passing through probate before funding.

What is a 'pour-over will'?

Answer: A will that directs all remaining probate assets into a pre-existing trust at the testator's death

A pour-over will directs that any assets not previously transferred to a living trust during the testator's lifetime 'pour over' into that trust at death to be administered under its terms.

What is 'ademption' in the law of wills?

Answer: The failure of a specific bequest because the testator no longer owns the designated property at death

Ademption occurs when a specific bequest fails because the testator disposed of or no longer owns that specific property at the time of death, leaving the beneficiary with nothing.