Form Dp-145 - Legacy And Succession Tax Return General Instructions Page 2
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5Legacy and Succession Tax Return
FORM
Instructions
DP-145
Instructions
GLOSSARY OF TERMS
ACCOUNT:
The accounting which includes all the assets received and expenses paid by the executor or administrator, to be
filed with the Probate Court.
ADMINISTRATOR:
A person legally vested with the right of the estate.
ALTERNATE VALUE:
The value of an asset as determined 6 months after the date of death.
BEQUEATH:
To give real and personal property by will to another.
BEQUEST:
The act of giving property by will.
DATE OF DEATH:
The date of the decedent's death.
DECEDENT:
The person who is no longer living.
DISCLAIMER:
The rejection, refusal, or renunciation of interest, right, or property which passed at the date of death of a decedent.
ESTATE:
Probate and non-probate assets.
EXECUTOR:
A person appointed by the decedent to carry out the requests of the will.
FAIR MARKET VALUE:
A price at which a willing seller and a willing buyer will trade.
FIDUCIARY:
A person or institution who manages money or property for another.
GIFTS:
Something voluntarily transferred by one person to another without compensation.
GROSS ESTATE:
All real and personal property in which the decedent had an interest.
INTESTATE LAWS:
Laws which prescribe the disposition of assets for persons who die without a will or testament.
JOINT TENANT:
A term used to express a common property interest or a common liability incurred by two or more persons.
JOINT TRANSFER:
A transfer of real or personal property between joint tenants.
LEGACY:
The disposition by a last will and testament of personal or real property or interests.
LEGATEE:
A person who receives an interest in personal or real property from a decedent.
NET ESTATE:
The difference between the assets, debts and expenses of an estate.
PERSONAL PROPERTY:
Property other than real property.
PROBATE ESTATE:
Court procedure by which a will is proved to be valid or invalid.
PROMISSORY NOTE:
A promise or agreement in writing to pay a specific sum at the time therein limited, or on demand or at sight to a person
therein named or to its owner or bearer.
PUBLIC CHARITY:
An organization which qualifies as an exempt organization under Section 501(C)(3) of the Internal Revenue Code
of 1986 or its predecessor section.
REAL PROPERTY:
Property that is permanent, fixed and immovable.
REST & RESIDUE:
Remainder of the estate after debts, expenses of administration and specific bequests to legatees have been satisfied.
SPECIFIC BEQUEST:
A gift by will of a certain article or part of an estate to a legatee.
SUCCESSION:
The transmission of the rights and obligation of a deceased person to his or her heirs.
TANGIBLE PERSONAL
Personal property which has physical substance.
PROPERTY:
TENANT IN COMMON:
Ownership by two or more persons, each owning an undivided share of the whole.
TRANSFERS:
A conveyance of rights, title or interest in real or personal property from one person to another.
TRUST:
A right of property, real or personal, held by one party for the benefit of another.
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