Management and Organizational Studies 2277A/B Chapter Notes - Chapter 15: Probate Court, Holograph, Inter Vivos
8 Dec 2016
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Document Summary
Estate = assets of a deceased after all debts paid, is distributed according to will. Estate planning = act of planning how your wealth will be allocated on or before death. Will = legal document that describes how estate should be distributed upon death can identify preferred guardian for surviving minor children. Testator = person who makes will for male, testatrix = female. Beneficiaries (heirs) = persons specified in will to receive part of estate. Any heir under 18 not entitled to receive inheritance directly, is held in trust. Beneficiary can be any age and can be unborn at time will is made. Instructions made in will are carried out by executor. Executor = person designated in will to pay off any debts that testator may have and carry out instructions regarding distribution of testator"s assets to beneficiaries (female = executrix) Die intestate = condition of dying without will. Court will appoint person called administrator to distribute estate.
