Question

Define each of the following terms:

a. Will.

b. Estate.

c. Intestate.

d. Probate laws.

e. Trust.

Answer 1

WILL

a legal declaration of a person's wishes regarding the disposal of his or her property or estate after death; especially: a written instrument legally executed by which a person makes disposition of his or her estate to take effect after death.

ESTATE

An estate is all of an individual’s property and financial assets and liabilities at the time of his or her death.

INTESTATE

Intestate refers to a situation where a person dies without leaving a valid will. This usually is voiced as "he died intestate,""intestate estate," or "intestate succession."

PROBATE

Probate is the process of proving a will is valid and thereafter administering the estate of a dead person according to the terms of the will. It is a judicial act or determination of a court having competent jurisdiction establishing the validity of a will. First the will is filed with the clerk of the appropriate court in the county where the deceased person lived, along with a petition to have the court approve the will and appoint the executor named in the will (or if none is available, an administrator) with a declaration of a person who had signed the will as a witness. If the court determines the will is valid, the court then "admits" the will to probate.

TRUST

A relationship created at the direction of an individual, in which one or more persons hold the individual's property subject tocertain duties to use and protect it for the benefit of others.

Individuals may control the distribution of their property during their lives or after their deaths through the use of a trust. Thereare many types of trusts and many purposes for their creation. A trust may be created for the financial benefit of the personcreating the trust, a surviving spouse or minor children, or a charitable purpose. Though a variety of trusts are permitted bylaw, trust arrangements that are attempts to evade creditors or lawful responsibilities will be declared void by the courts.

The law of trusts is voluminous and often complicated, but generally it is concerned with whether a trust has been created,whether it is a public or private trust, whether it is legal, and whether the trustee has lawfully managed the trust and trustproperty.