Advance Directives & Wills

Advance Directives Living Will: most common type Health Care Proxy Durable Power of Attorney

Wills Estate: “the property of a deceased person, both real and/or personal” Last Will and Testament: a) Will: “an instrument executed with required formality by a person making disposition of their property to take effect upon their death” b) Testament: method to dispose of all other property

Making a Valid Will Testator: “a man who makes a valid will” Testatrix: “a woman who makes a valid will” Requirements for a valid will:

Types of Valid Wills Simple: leave the entire estate to one person Holographic: “ a will written entirely by the testator/ix with his/her own hand Nuncupative: “oral will declared or dictated by testator/ix during last illness before appropriate witnesses to dispose of personal property and afterwards reduced to writing” Soldier and Sailors Will: “a nuncupative will, informal in nature……………..”

Witnesses must have 2 “self-proved”

Changing/Modifying a Will Destroy the old will. Cross-out every page. Write a new will. Codicil: “an addition or amendment of a last will and testament executed with the same formality as the will” Operation of Law:

Probate “the process where the estate of a decedent is administered “ Items required: 1) will 2) death certificate 3) payment of necessary fees

Administration of the Estate Personal representatives: Executor/ix: “man/woman appointed by the will of a deceased person to carry out the provisions thereof and settle the testate estate” Administrator/ix: “man/woman appointed by the court to settle an intestate estate”

Letters of Administration Given by the probate court/surrogate to the administrator/ix that empowers them to act on behalf of the estate. Letters Testamentary Given by the probate court/surrogate to the executor/ix that empowers them to act on behalf of the estate.

Terms Beneficiary: Legacy/Bequest: Devise: Devisee: Contingent: Residual: Abatement:

Insolvent Estate “the condition of the estate of a deceased person which is unable to pay the debts of the decedent and/or the estate” Debts are paid in this order: Reasonable funeral expenses. Costs and expenses of administration. Debts and taxes. Reasonable medical and hospital expenses of the last illness. Judgments entered against the decedent according to priority. All other claims.

Terms (cont’d) Ademption: Intestate: Escheat: Per Stirpes: Per Capita: Lineal Descendents: