As one of the provisions of the will, the testator may nominate a guardian for his/her minor child or children.

Living trust are called living trust because they are created while the trustor is alive.

"Issue" means the descendants of a person.

When a living trust is first set-up and the trustor(s) are living, it may not be changed or revoked.

In a community property state, separate property is property acquired before marriage and after separation and gifts to the individual spouse during the marriage.

Tenancy in common is the ownership of real or personal property by two or more persons with the right of survivorship.

When Nina makes an investment in Facebook, a publicly traded corporation, she purchases stock.

Interstate succession is for a person who dies without a will. The estate is distributed according to the interstate succession rules under which decedent's assets go to his or her closest relatives.

In the typical estate with both real and personal property, the personal representative and the probate referee both work on the inventory and appraisal.

The administration of a living trust following the death of one or both trustors will generally be handled outside of court.

In order to execute a will, the testator must be at least 18 years old and have a sound mind.

Assets held in joint tenancy will be subject to probate administration.

Per capita at each generation is the method of distributing assets under a will in which the beneficiaries in the same generation receive equal gifts.

The attestation clause of the will is important because it makes the will self-proving.

An amendment to the will is called a codicil.

A pour over will is one that identifies the trustee of the living trust as the beneficiary.

The testator in a will leaves his coin collection to his grandson. This is known as a residuary gift.

After gifting items of personal property and cash, Margaret leaves the rest of her estate to the local church. This is a specific gift that the church has received.

Beneficiary is the term used to refer to the recipient of a gift under a will.

A fee simple absolute is type of land ownership that owner holds if he or she has the maximum amount of rights available under the law.

If there is an intestate estate, the personal representative is called an administrator.

The rule against perpetuities is the rule that requires that future interests in land take effect within 90 years of creation.

Tony and Isa are married and live in Connecticut. They own a house in Connecticut, two vehicles, three bank accounts, a mutual fund, and investment property in Manhattan Beach, California. Tony's job transfers him and Isa to California. After they moved to California, Tony and Isa's property that they acquired while they lived in Connecticut is classified as separate property.

Fee simple subject to a condition subsequent is the type of real estate title that will accomplish Victoria's goals when she wants to leave 20 acres to the city of Arcadia to do as the city wishes with the use of the land.

A remainder is what the Red Cross has when grantor makes the following conveyance: "To Frank for life, and then to the Red Cross."

A trustor is the person who is the original owner of his or her assets that are deposited into a trust.

A bond is posted under the requirement of the law, unless waived, to insure the estate against any wrongdoing by the personal representative.

A life estate is the type of estate that Sam conveyed when he signed the deed that reads, "To Mike for life."

Letters is the document that the court gives to the personal representative of a decedent's estate to indicate the appointment and authority of the personal representative.

Tenancy in common is the method of holding title to real estate property by two (2) or more people in which upon one owner's death, the remaining owner(s) will not take the deceased owner's share, but the deceased owner's share will pass by the deceased owner's will or by intestate law.

Separate property is the method of holding title to real or personal property by two (2) or more people in which upon one owner's death, the remaining owner's will take the deceased owner's share automatically under law.

Another legal term for "trustor" is "settlor."

A trustee is appointed under a Trust to mange the Trust's assets.

Per capita at each generation is the method that would be best suited for use by a grandparent who wants to give the same gift (amount of assets) to every gandchild or person in a subsequent generation.

When a decedent dies and she or he is intestate and probate of his or her estate is required, the personal representative will be called the executor.

Living trusts are called living revocable trusts because the trustor can revoke them at any time before the trustor dies.

All property that passes through a living trust is subject to estate tax.

When a decedent dies after signing a will and probate of his or her estate is required, the personal representative is called the administrator.

Because the property held in a living trust does not need to go through probate, the successor trustee can promptly transfer that property to the trust beneficiaries.