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| property a decedent had either prior to the distribution to a trust or owned at the time of death |
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| uniform law intended to modernize the laws related to decedents' estates & trusts; has not been adopted by all states |
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| statutory rights, granted by most states, to elect to take a share of the deceased spouse's estate rather than taking what was provided for by the deceased spouse's will |
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| allow people to express desires about end of life care ahead of time (living will, durable power of attorney, health care proxy, organ donation) |
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| to pass property to the state, as is done with the asssts of a person who dies without a will & without heirs |
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area of law which impacts lives of older citizens, encompasses planning issues, estate and trust administration as well as Medicaid planning
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| objection to the validity of a will, arises when a person who would otherwise have an interest in the estate feels that his interest was somehow improperly interfered with by another person |
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| method of keeping track of important dates & filing docs |
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| ability to understand and have the legal capacity to make a will |
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| heirs that would inherit if the decedent had died intestate |
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| provision that amends/modifies an existing will |
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| determines will validity, settles estate debts & distributes assets |
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| gov't program that provides medical and long term care to those who cannot afford it and is funded by partnership between fed & state govt |
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| vital to determining whether a person is able to leave property in his will |
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| personal property that has become permanently attached or associated with real property (know examples) |
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| personal property installed by tenant to aid in operating business; tenant normally allowed to remove these items when they leave (shelves, refrigerator unit) |
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| tangible personal property |
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| personal property that can be held or touched (furniture, jewelry) |
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| A document that expresses a person’s wish to be allowed to die without being kept alive by artificial means, expresses the desire to use or refrain from using extraordinary measures to prolong life where there is no reasonable expectation of recovery |
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| intangible personal property |
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| personal property that as no physical presence but is represented by a certificate or some other instrument (stocks, trademark, paper money) |
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| property that is owned solely by te decedent or as a tenant in common at the time of death; subject to claims of creditors |
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form of ownership of property, joint tenancy, only between Husband and Wife, not valid in all states; required unities:
1. marriage
2. possession
3. interest
4. title
5. time |
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| joint tenants with rights of survivorship |
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Definition
form of ownership that requires four unities:
1. possession
2. interest
3. title
4. time
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| form of ownership where two or more people own and possess an undivided interest in the whole property; do not have to own equal share, but equal right to enjoyment, no right to survivorship |
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| trust imposed by te court on equitable grounds against a person who as wrongfully obtained property of another |
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| trust created by an operation of law |
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| trust created by a court when the facts indicate the parties did not intend for the legal owner of the property to also have a beneficial interest in the property |
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| A title that indicates legal ownership but not necessarily a beneficial interest. |
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| A title that shows a beneficiary interest in property. |
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| the land itself and any personal property affixed to the land |
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| A business’s reputation, its good business name, the marketability of its products. |
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| A deed guaranteeing clear title to real property. |
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| A single document intended to be the will for both spouses and which is signed by both parties; discouraged because changes in testator's lives render it invalid |
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| An oral will, usually made by the testator near death. |
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| A will entirely written and signed by the testator in that person’s own handwriting. |
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| A child left out of a parent’s will, either intentionally or unintentionally. |
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| posthumous/afterborn child |
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| A will that is executed in compliance with the laws of the state in which it was executed |
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| Relationship by marriage; degree of affinity may determine who might be an heir |
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| The equal division of assets according to the number of surviving heirs with the nearest degree of kinship; literally: by the heads |
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| When it cannot be established that one person died before another. |
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