Probate and Estate Planning Glossary: Terms To Know Pt. 4
10 more terms to know when discussing or researching Estate Planning or Probate Administration:
Probate court: A court that has jurisdiction over probate matters.
Heir: A person who is entitled to receive property from a deceased person under the laws of intestacy.
Pretermitted heir: An heir who is not mentioned in the testator's will and who would have received property if the testator had died intestate.
Holographic will: A will that is entirely handwritten and signed by the testator.
Nuncupative will: A will that is spoken by the testator in his or her last illness, before witnesses.
Perfection: The act of completing or perfecting a legal document, such as a will or trust.
Residuary estate: The portion of an estate that is not specifically devised or bequeathed in a will.
Spendthrift trust: A trust that restricts the beneficiary's access to the trust principal and income, to protect the beneficiary from his or her own improvidence.
Tangible personal property: Personal property that can be physically touched, such as jewelry, artwork, and furniture.
Intangible personal property: Personal property that cannot be physically touched, such as stocks, bonds, and patents.
