Guam Renunciation of Legacy by Child of Testator

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Description

The term legacy has different meanings, but in a legal sense, it is used to refer to a bequest in a will. Technically, legacy does not include real property (which is a devise), so legacy usually refers to a gift of personal property or money to a beneficiary (legatee) of a will.

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FAQ

In Guam, if you die without a valid will (intestate), your property in Guam will be distributed ing to the laws of intestate succession. These laws determine how your assets will be distributed among your surviving relatives. Generally, any community property will be distributed to your surviving spouse.

Definition of TESTATOR: (noun) / one who makes and executes a last will and testament, for example, if Tiffany has a will drafted and she executes the will, then Tiffany is referred to as the Testator. When Tiffany subsequently passes away, she is said to have died ?testate?, or with a will.

What is the difference between a testator vs. executor? A testator is a person who owns and creates the will, while the executor is an individual appointed by the testator who follows the instructions of the will after the testator passes away.

Testator: The person who creates a will. Executor: The person that the testator appoints to carry out their will. Beneficiaries: The people or organizations who are left bequests (cash gifts or other assets) in the will by the testator.

A testator is someone who makes a will to dispose of their property and account for their debts after death. In order for a will to be valid, the testator must have what is legally described as ?testamentary capacity?, that is, they must be of sound mind and capable of understanding the significance of making a will.

Your share of joint tenancy bank accounts (but not joint tenancy real estate) payable-on-death bank accounts. transfer-on-death securities or security accounts, and. property in a living trust.

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Guam Renunciation of Legacy by Child of Testator