| A | B |
|---|
| Attorney-in-fact | “the person receiving the power of attorney” |
| Beneficiary | “is someone who receives property by a will” |
| Bequest or legacy | “a gift of personal property made by a will” |
| Capacity | “means that the person that is making a will is of sound mind and of legal age in the state which they are making the will. In N.C. the age is 18 or older. So it basically has the same meaning as it does in contract law.” |
| Codicil | “which is a formal |
| Devise | “is a gift of real property made by a will (in most states)” |
| Estate Distribution-By State Law | “If a person dies without a will they are considered intestate “without a will”. Therefore that person’s property and estate is distributed according to the state that is their home state. Real property is handled according to state law. The distribution of all property is by relationship to the deceased.” |
| Executor and Executrix | “as a testator or person making a will |
| Family and Spouse Protections | “State laws contain a provision for protect surviving family members. Some have a property provision which prevents creditors from taking a person’s whole estate. This usually is a statutory amount (Ex: $25 |
| Grantor | “the person giving the power of attorney” |
| Heir | “is one who inherits property from a will or from someone without a will” |
| Holographic will | “is a document prepared and signed during a person’s lifetime providing for the distribution of his or her property.” |
| Intestate | “means without a will” |
| Living Will | “is a special power of attorney that directs whether your life as the grantor should be prolonged by artificial means if you have no reasonable chance of recovery.” |
| Medical Directives | “as another form of a special power of attorney |
| Nuncupative wills (oral) | “are legal in some states when certain conditions exist. Those conditions are if the nuncupative will is stated during the maker’s last illness or near death and by active duty military personnel. This act must be witnessed and is usually limited to personal property.” |
| Power of Attorney | “grants power to a representative of your choosing to legally act and make decisions on your behalf.” |
| Private Trust | “is one that involves individual settlers and beneficiaries.” |
| Probate Court | “This process starts when a family member or personal representative of the decedent files the decedent’s will and other forms and documents with the Clerk of Superior Court in the county of the decedent’s personal residence. If the decedent did not have a will |
| Requirements for a written will | “will must be in writing |
| Revoking or changing a will | “as a will is designed to be in effect at the maker or testator/testatrix’ death |
| Settler | “is the person who sets up the trust.” |
| Special Power of Attorney | “give authority over a specific item such as managing a person’s rental property. A general power of attorney gives authority over all matters.” |
| Spendthrift Trust | “is a trust that protects the settler’s assets from being spent recklessly by the beneficiary and the beneficiaries’ creditors.” |
| Testamentary Trust | “is a trust created by a will. It only comes into use when the person making the will dies.” |
| Testator and Testatrix | “Testate mean to dies with a will. So a testator is a male that dies with a will and a testatrix is a female that dies with a will.” |
