BMGT 380 Chapter Notes - Chapter 26: Testator, Settlor

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 380
• Professor: Leete

Document Summary

Basic feature of ownership of property is the right to dispose of the property during life and at death. An attorney who is creating an estate plan will take an inventory of the client"s assets, learn their objectives, draft instruments needed to carry out the plan. Usually guided by desire to reduce amount of tax liability and to provide for orderly disposition of estate. Will-document executed with specific legal formalities by a testator (person who makes the will) that contains instructions about the way his property will be disposed of at his death. Will can dispose only of property belonging to the testator at the time of their death. Don"t control property that goes to others through other planning devices. Bequest (also called legacy)- gift of personal property or money. Residuary-balance of estate that is left after sepcifc devises and bequests are made by the will.