Wills – Trusts – Estates…WHAT?!

Let’s see if this helps…

1. Administrator

– A person appointed by a probate court to settle the affairs of an individual that has died without a will.

2. Devise

– The disposition of real property by will.

3. Escheat

– A reversion of property to the state in those cases where an individual dies without heirs or devisees, and, in some states, without a will.

4. Estate

– A person’s possessions. The extent of a person’s interest in real property.

5. Executor

– A person appointed by the probate court to carry out the terms of the will.

6. Heir

– One who might inherit or succeed to an interest in land of an individual who dies without leaving a will.

7. Intestate

– Designates the estate or the condition of failing to leave a will at death.

8. Life Estate

– A grant or reservation of the right of use, occupancy and ownership for the life of an individual.

9. Testament

– Another term for a will. Commonly referred to as, “last will and testament”.

10. Testate

– The state or condition of leaving a will at death.

11. Testator

– A man who makes or has made a testament. The term is Testatrix, if that person is a woman.

12. Trust

– A property right held by one as a fiduciary for the benefit of another.

13. Trustee

– A person holding property in trust as a fiduciary for the benefit of another.

14. Will

– A written document providing for the distribution of property owned by a person after his or her death.

Just feel more confused…..it’s ok!!

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Look for lesson 6 in the coming weeks!