Trust and Wills Outline
o Died Testate: individual who is dead and leaves a will
o Testator: person who is the maker of the will
o Divisor: maker of a will that leaves real property
o Divise: both a noun and verb – as a noun refers to gift of real property. As a verb, passing real property by way of will
o Divisee: anyone who is designated in the will to receive a divise.
o Legacy: money passed under a will
o Legatee: person who receives the money
o Bequest: any personal property passed under a will, includes a legacy
o Bequeath: pass personal property by way of will
o Executor: the personal representative of the testator who functions to gather all assets of decedent and pay all claims against the estate, and then distribute everything else as the will prescribes.
o When there is no will, the executor is called an administrator. The administrator distributes according to the statutes of intestate.
o Intestate: one who dies without a will
o Heir: those who are entitled to RP according to intestate statutes
o Next of Kin: entitled to personal property according to statues
- Life esate and Remainders:
o Life estates: possessor has interest at inception, measured by his life
o Remainder man: has interest at inception but not the enjoyment. When L dies R interest becomes enjoyment, but NOT while L is living. At this point R interest in vested.
o Conditional remainders: To L for life, then to R if R survives L; if not to C. L has a possessory interest and an enjoyment interest. R has a conditional remainder because for R to receive anything, L must die before R. At the inception, R and C have conditional interests. There are two contingent remainders.
o Once L dies, R has a vested remainder. If R dies before L dies, the C has a vested remainder.