ADMINISTRATOR - (also known as Personal Representative) Person appointed
by the court to manage and distribute the estate of a person who dies
without a Will.
BENEFICIARY - Person named to receive property or benefits.
- Gift or personal property by Will.
addition or supplement made to delete or add provisions of a Will.
A deceased person
- Gift of real estate by Will.
- Everything a person owns, all real and personal property.
EXECUTOR (also known as Personal Representative) - A person or
institution named in the Will to carry out the provisions and directions
of the Will.
- When a person dies without a valid Will.
PERSONAL PROPERTY - Intangible property; such as stocks, bonds,
or bank accounts; and tangible property such as furniture, automobile,
PROBATE - Official proof of the validity of a Will.
- Land and buildings
IN COMMON - Two or more persons owning individual interests in property.
The person who makes a Will.
TRUST - Property owned and managed by one person for the benefit
Person or institution holding property in trust.
- A legal declaration of the manner in which a person wishes his estate
divided after death.
Person who observes the signing of a Will and also attests to the signatures.