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Taxes Define

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fickernuit's version from 2017-03-21 01:27

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Question Answer
DecedentPerson who died and whose property is transmitted through succession
TestatorDecedent who made last ill and testament
EstateProperties or property rights of the decedent which is the subject matter of succession
InheritanceAll properties rights and obligations of a person which are not extinguished by his death
SuccessorHeir or the person to whom the property or property rights is to be transferred
WillDocument determining disposition of an inheritance where person is permitted to control a certain degree of the disposition
CodicilAddition to a will, made after the execution of a will and annexed to be taken as a part thereof
Holographic WillEntirely written, dated and signed in the handwriting of testator himself - may be made without a witness
Notarial WillWill written in public instruments, notarized by a lawyer, signed by testator and witnesses
Testate EstateEstate which is settled with a valid last will and testament
Intestate EstateEstate without a will
ProbateSpecial proceeding to establish validity of a will - Mandatory
ReprobateSpecial proceeding to establish validity of a will previously proven in another country
LegateeOne who is given personal property through a will
DeviseeOne who is given real property in a Will
ExecutorPerson named in the Will who is entrusted to implement the provisions
ExecutrixFemale executor
AdministratorPerson entrusted and assigned by court for the care, custody, and management of the estate until estate is partitioned and distributed
AdministratrixFemale Administrator
Special ProceedingsRemedy to establish status, right or particular fact
EscheaTProceeding whereby state steps in and claims the property of a person who dies intestate without heir
Transfer TaxesImposed for passing gratuitously private properties to the heirs in case of death or to donee in case of donation
Onerous Transfer of Propertyexchange of property for a monetary consideration, transfer of goods and services in return for something of equal value
Donor's TaxExcise tax imposed on right to transfer gratuitously, directly or indirectly, real and personal properties, tangible or intangible out of the owner's liberality
Estate TaxTax on the transfer of the net estate of the decedent
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