The key for me to understanding a concept, idea, directions etc. . . is to understand the terms used in the description. Without knowing what the words mean, I have little chance to understand the big picture ideas. So, to see it all fit together, I learn the keywords.
It is no different in probate and estate planning in Oklahoma. We need to understand what the keywords mean.
Below is a table containing many key terms in Oklahoma probate and Oklahoma estate planning followed by the definition of the term. If you want to check my sources or read more about the term click on the link below each definition.
Enjoy.
| Term | Definition |
| Advancements | All gifts and grants are made as advancements, if expressed in the gift or grant to be so made, or if charged in writing by the decedent as an advancement, or acknowledged in writing as such, by the child or other successor or heir. https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=73041 |
| Beneficiary | means and includes any person entitled, but for his disclaimer, to take an interest, by intestate succession; by devise; by legacy or bequest; by succession of a disclaimed interest by will, intestate succession or through the exercise or nonexercise of a testamentary power of appointment; by virtue of a renunciation and election to take against a will; as beneficiary of a testamentary trust; pursuant to the exercise or nonexercise of a testamentary power of appointment; as donee of a power of appointment created by testamentary instrument; or otherwise under a testamentary instrument; https://www.oscn.net/applications/oscn/deliverdocument.asp?id=72940&hits=294+280+265+ |
| by right of representation | means the estate is to be divided into as many equal shares as there are surviving heirs in the nearest degree of kinship and deceased persons in the same degree who left issue who survive the decedent, each surviving heir in the nearest degree receiving one equal share and the equal share of each deceased person in the same degree being divided among his issue in the same manner. https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=73029 |
| Condition Precedent | A condition precedent in a will is one which is required to be fulfilled before a particular disposition takes effect. https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=73020 |
| Condition Subsequent | A condition subsequent is where an estate or interest is so given as to vest immediately, subject only to be divested by some subsequent act or event. https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=73023 |
| Disclaimer | means a written instrument which declines, refuses, releases, renounces or disclaims an interest which would otherwise be succeeded to by a beneficiary, which instrument defines the nature and extent of the interest disclaimed thereby and which must be signed, witnessed and acknowledged by the disclaimant in the manner provided for deeds of real estate. |
| Holographic Will | is one that is entirely written, dated and signed by the hand of the testator himself. It is subject to no other form, and may be made in or out of this State, and need not be witnessed. https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=72958 |
| Interest | means and includes the whole of any property, real or personal, legal or equitable, or any fractional part, share or particular portion or specific assets thereof or any estate in any such property or power to appoint, consume, apply or expend property or any other right, power, privilege or immunity relating thereto https://www.oscn.net/applications/oscn/deliverdocument.asp?id=72940&hits=294+280+265+ |
| International Will | means a will executed in conformity with the Uniform International Wills Act https://www.oscn.net/applications/oscn/deliverdocument.asp?id=461008&hits=12+ |
| Issue | lineal descendants https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=73029 |
| Legacy, annuity | bequest of certain specified sums periodically; if the fund or property out of which they are payable fails, resort may be had to the general assets, as in case of a general legacy. https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=72919 |
| Legacy, demonstrative | demonstrative when the particular fund or personal property is pointed out from which it is to be taken or paid; if such fund or property fails in whole or in part, resort may be had to the general assets as in case of a general legacy. https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=72919 |
| Legacy, general | All other legacies than those specifically defined https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=72919 |
| Legacy, residual | embraces only that which remains after all the bequests of the will are discharged. https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=72919 |
| Legacy, specific | A legacy of a particular thing, specified and distinguished from all others of the same kind belonging to the testator is specific https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=72919 |
| Succession | is the coming in of another to take the property of one who dies without disposing of it by will. https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=73027 |
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