Five Terms to Stump You

(from the Maple Knoll Communities Development Department) Estate planning has its own special vocabulary. Here are five terms to test your knowledge and educate you on these popular, but confusing terms.They are presented within statements which are either true or false. True or False: 1. If you reside in one state (i.e. Ohio) and die in another (i.e. Florida), you are said to die “intestate”. 2. “Probate” refers to a deceased person who failed to leave anything to charity in his or her will. 3. A “decedent” is a person who dies without a will. 4. “Inter vivos” refers to a will that is interrelated with one’s life insurance policy. 5. Before an attorney can properly draft a will, he or she must make several “bequests” to obtain needed information. If you answered all the questions as “false”, you were absolutely correct. “Intestate” refers to a person who dies without a will, no matter where he/she resides. “Probate” is the court-directed process of settling a deceased person’s estate. “Decedent” is any person referred to who is dead. “Inter vivos” simply means something that is established during one’s life. “Bequest” refers to any gift made by will.
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