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Trusts & Estates Glossary: N
NON-SKIP PERSON:
For generation-skipping tax purposes, any person or trust that is not a skip person. For example, the child of a transferor is a non-skip person.
NOTARIAL ACKNOWLEDGMENT:
(1) The acknowledgment of the due execution of a legal instrument before a notary public. (2) The statement of the notary public as to the fact and date of the acknowledgment, with the notary public’s signature and seal of office and date of expiration of commission to serve as notary public.
NOTARIAL CERTIFICATE:
The certificate of the notary public as to the due acknowledgment of the instrument.
NOTICE TO CREDITORS:
The notice in writing by posting in public places or by notice in newspapers to creditors of an estate to present their claims for what the executor or administrator owes them; it usually is also a notice to debtors to come in and pay what they owe the estate.
NUNCUPATIVE WILL:
An oral will made by a person on his deathbed or by one who is conscious of the possibility of meeting death in the near future—as by a person in active military service. It is declared in the presence of at least two witnesses and later reduced to writing by someone other than the testator and offered for probate in the manner prescribed by statute.
