G.55 Strategies to transfer property Flashcards

A reduction in the amount of a beneficiary’s distributable assets in an estate when the assets are insufficient to pay all debts and legacies.

A person appointed by the court to manage and distribute the estate of a deceased person who left no will.

A probate proceeding conducted in a different state from where the deceased primarily resided, usually necessary when the deceased owned property in that other state.

The legal residence of an individual, which determines their legal obligations and rights such as taxation and jurisdiction for legal matters.

The process of managing and settling a deceased person’s estate, including distributing assets according to the will or state law.

A person named in a will who is responsible for executing the will’s instructions and managing the estate’s affairs.

A person legally entitled to receive a share of a deceased’s estate under statutory inheritance laws, usually when there is no will.

Receives inheritance by law when there’s no will.

A type of bank account that names a beneficiary who will receive the assets in the account upon the account holder’s death.

A person who receives a legacy (gift of personal property) under the terms of a will.

Official documents issued by a court that grant an administrator the authority to handle a deceased person’s estate when there is no will.

Documents that signify the closure and completion of an estate administration.

A bank account that designates one or more beneficiaries to receive the funds remaining in the account upon the account holder’s death.

The legal procedure through which a deceased person’s will is validated, debts are paid, and assets are distributed.

The legal location or placement of property for legal purposes, which affects where taxes are paid and legal disputes are settled.

A bond purchased by an executor or administrator from a third party to insure against potential mismanagement of an estate.