LEGL 226 Chapter Notes - Chapter 44: Life Insurance, Beneficial Ownership, Insurable Interest
Document Summary
Legal chapter 44: planning for the future: wills, trusts and insurance. Estate planning- the process of giving away property after (or in anticipation of) death. Estate- the legal entity that holds title to assets after the owners die and before the property is distributed. Testator- someone who has signed a valid will. Testatrix- a woman who has signed a valid will. Heir-someone who inherits from a decedent who died intestate. Many courts use heir to refer to anyone who inherits property. Probate- the process of carrying out the terms of a will. Executor- a personal representative chosen by the descendant to carry out the terms of the will. Administrator- a personal representative appointed by the probate court to oversee the probate process for someone who has died intestate (or without appointing a executor) Granter or settlor- someone who creates a trust. Donor- someone who makes a gift or creates a trust.
