FIN 331 Chapter Notes - Chapter 52: Settlor, Testator
27 Apr 2016
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Document Summary
Will- a declaration of how a person wants his or her property to be distributed upon death. Testator- or testatrix- a person who makes a will. Beneficiary of a will- a person or an organization designated in a will to receive all or a portion of the testator"s property at the time of the testator"s death. Probate- or settlement of the estate- the process of a deceased"s property being collected, debts, and taxes being paid, and the remainder of the estate being distributed. Probate court- a specialized state court that supervises the administration and settlement of estates. Abatement- a doctrine that says if the property a testator leaves is not sufficient to satisfy all the beneficiaries named in a will and there are both general and residuary bequests, the residuary bequest is abated first. Intestate- the state of having died without leaving a will.
