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Senior Moments with Sonia

December 16, 2021 @ 9:30 am - 10:00 am

In this episode, host – Attorney Sonia Burgos Crannage from Sickol & Hicks, P.C. Suffern will discuss wills.  Here is Sonia’s vocabulary list for the show:

LWT  LEGAL  VOCABULARY

Beneficiary: The Beneficiary is the loved one, the person

for whom you wish to give the benefit of your property and/or money.

Codicil: An amendment to a will.
Common Disaster Clause: A statement in a will directing how property is to be distributed if both owners of property die in the same accident.
Decedent: The person who died.
Devisee: A person to whom  real property (real

estate and the buildings attached to it) 

Domicile Permanent home…where you intend to return; Where you can Vote. Can only have ONE domicile at a time.
Estate: The real and personal property that a person

owns.

Executor: A MALE who  is  (can also be an institution e.g. a bank) named in a will to carry out the

settlement of an estate. This person 

pays the debts, manages the property and later

distributes it according to the provisions of the will. (USUALLY completed within 1 -2 years)

Executrix: A FEMALE who is named in a will to carry out the settlement of an estate. This person 

pays the debts, manages the property and later

distributes it according to the provisions of the will. (USUALLY completed within 1 -2 years)

Heir: With no will, a person who is entitled to

inherit property under Statutory Law (referred to as intestacy law)   with a will, an heir is anyone who is named to receive property.i.e. can be a spouse

Intestate: To die without a will.
Issue Descendants.  From a common ancestor.  Not the spouse.
Non-probate Property: Assets that are not subject to the probate process, i.e. life insurance with named beneficiary and property owned jointly with a right of survivorship. Pay on Death (POD):

 Naming a beneficiary to

receive an account balance on a party’s death.

Personal Property: Property owned by the deceased individually, such as a car, jewelry, stocks or bank accounts (with NO beneficiary listed)   excluding real estate.
Per Stirpes A legal term in Latin. An estate of a decedent is distributed per stirpes if each branch of the family is to receive an equal share of an estate.
Pour-Over Will It distributes your assets as per your instructions in a Trust created during your lifetime.  It usually is used as a “clean up” for assets you forgot to place into the Trust during your lifetime and/or a newly purchased item that you forgot to place into the Trust.  The Pour-over Will is Probated in the same manner as a regular Will.
Probate: A court-supervised procedure for

validating a will (if there is one), paying debts, and distributing the property of a deceased person.

Probate Property: Property that is subject to the

probate process, including the deceased’s solely owned personal property and real estate.

Residence Not permanent but rather a transient residence

 

Spouse: Either a husband or a wife. (not divorced)
Testamentary Trust:

 

A legal provision established in a will that outlines HOW property is distributed to a particular person or group of people.  It is created after the death of the testator or testatrix (maker of the will that includes the trust).
Testator:  A man who makes a will.
Testatrix: A woman who makes a will.
Trustee:

 

The person or institution holding title to

the trust property, appointed to execute, administer and carry out the terms of a trust for the benefit of the beneficiary.

Will:

 

A written document representing the

instructions of the deceased for the distribution of the estate.

Details

Date:
December 16, 2021
Time:
9:30 am - 10:00 am
https://www.rocklandpersonalinjury.com/sonia-burgos-crannage/