An administrator is a person appointed by a court to administer the estate of a deceased person who left no will, ensuring the orderly distribution of the estate's assets according to state intestacy laws.
Bequeath refers to the act of leaving personal property to beneficiaries through a will. Unlike 'devise,' which typically refers to the transfer of real property, 'bequeath' is used exclusively for personal property.
A bequest is the act of giving personal property or financial assets to an individual or organization through the provisions of a will.
Descent refers to the acquisition of property by an heir when the deceased leaves no will.
A gift of real estate property bequeathed through a will or last testament, often compared with the term 'bequeath,' which generally refers to the gifting of personal property.
A devisee is an individual or entity designated in a will to receive real estate property from the estate of a deceased person. They inherit the property as specified by the terms outlined in the will.
An estate encompasses the degree, nature, and extent of interest that a person has in real property as well as all their property, real or personal, that they own and leave at death.
An estate tax is a levy on the estate of a deceased person, based on the value of the property left by the deceased. The tax is typically calculated based on the market value of the estate either at the date of death or six months afterward, taken at the lower value if applicable.
An Executrix is a woman appointed by a will or a legal document to execute the last wishes and directives of the deceased, handling the distribution of the estate and ensuring all legal and financial responsibilities are met.
Fee Simple or Fee Simple Absolute refers to the absolute ownership of real property where the owner is entitled to the entire property with unconditional power of disposition during the owner's life, and upon their death, the property descends to the owner's designated heirs.
An heir is an individual legally entitled to inherit some or all of the estate of another person who has died, either by the terms of a will or by the rules of inheritance if no valid will exists.
Heirs and Assigns is a term often found in deeds and wills, used to grant a fee simple estate, indicating the intention that the recipient and their successors have full rights to the property.
A legatee is an individual or entity that receives property or assets from a will upon the death of the testator.
The tax-free amount transferred to one’s spouse upon death, allowing unlimited transfers without federal estate tax.
'Per Stirpes' is a legal method of distributing an estate where the descendants of a deceased legatee inherit their ancestor's share.
Probate is the judicial process through which a will is validated and executed to ensure the legal transfer of the deceased's estate to the rightful beneficiaries.
A Remainderman is the individual who is designated to inherit or receive possession of a property after the termination of the preceding estate, typically after the death of a life tenant.
In community property states, separate property refers to property acquired by either spouse prior to marriage or by gift or devise after marriage, as distinct from community property.
A stepped-up basis is an adjustment to the tax basis of inherited property, increasing the basis to the property's fair market value at the time of the original owner's death, thus minimizing capital gains tax for the heirs.
Survivorship is the right of a joint tenant or tenants to maintain ownership rights following the death of another joint tenant, preventing heirs of the deceased from making claims against the property.
A testament is a legal document that articulates an individual’s wishes about how their personal property should be distributed after their death. The terms 'will,' 'testament,' and 'last will and testament' are often used interchangeably.
Testate refers to having made a valid will before death. It contrasts with intestate, where there is no will, and the estate administration follows statutory default rules.
A testator is a person who has made a will or given a legacy. In general law, a testator is the individual who explicitly provides their desires regarding the distribution of their estate upon their death through the legal document known as a will.
A testatrix is a woman who has made a legal will to manage the distribution of her property upon death. The term comes from the Latin word 'testātrīx,' the feminine form of 'testātor,' and is specifically used to indicate that the individual is female.
A will, also known as a testament, is a legal document that sets forth how an individual's property and affairs will be handled after their death.
