Term
| Wills- What does it do and what is it? |
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Definition
Will provides for a Testamentary Disposition of Property.
A Will is the final declaration of how a person deisres to have his or her property disposded of after death. |
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Term
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Definition
| The person who makes a will |
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Term
What is a person who dies with a will referred to as?
What about without a will |
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Definition
A Person who dies with a will dies testate
A person who dies without a will dies intestate |
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Term
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Definition
| Personal Representative named in a will |
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Term
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Definition
| Personal representative appoint by the wourd when a person dies without a will |
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Term
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Definition
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Term
| Requirements for a Valid Will |
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Definition
1) Testamenary Capacity and Intent
2) Must be in Writing
3) Must be signed with at least two witness
4) Publicatio not required |
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Term
| Wahat does Testamentary capacity require? |
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Definition
| A "sound mind" and testamentary intent |
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Term
How can the writing requirment for a will be satisfied?
Can this change if you are on your death bed? |
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Definition
| Writing can be handwritten or holographic will *but nuncupative (oral) will on one's deathbed is possible. |
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Term
| When will a will be self-proving? |
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Definition
| A will will be self proving if it is signed by at least two witnesses |
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Term
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Definition
1) Executed will is revocable by the maker anytime before death
2) Revocation by physical act (i.e. phsyically destroying the will)
3) Revocation by a subsequent writing called a codicil
4) Revocation by Operation of Law (i.e. I get married or have children after making my will, and this could effect the validity of my will to a certain extent as my spouse/children may legally be entitled to property of mine_ |
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Term
| What are the two types of probate proceedings |
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Definition
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Term
| When should informal probabte proceedings be used? |
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Definition
| Family Settlement agreements and small estates |
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Term
| When should formal probate proceedings be used? |
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Definition
| For larger estates, guardian appointment, and trusts for minors or incompentant person |
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Term
| Property Transfers Outside the Probate Process |
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Definition
| 1) living trusts 2) Joint ownership of property 3) gifts inter vivos (while one is alive) 4) Life insurance policies 5) Individual Retirement Accounts (IRA) |
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Term
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Definition
| Statues of descent and sitribution which attempt to carry out the likely intent and wishes of the decendent who died without a will. |
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Term
| Under Intestacy Laws, who will property be divided if there are a surviving spouse and children? |
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Definition
| Survigin spouse usually received 1/2 of the estate if there is one surviving childre, 1/3 if there are two or more surviving childre, or entire estate if no children or grandchildren |
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Term
| What happens if there is no surviving spouse or children? |
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Definition
| If no surviving spouse or child the order of inheritance is lineal descendants, and then collateral heirs (if no lineal descendents) (i.e. If no children, grandchildren, etc. estate will go to aunts, uncles, nieces, nephew, etc.) |
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Term
| Stepchildren and intestacy laws |
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Definition
| Stepchildren are not considered children of the decesased |
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Term
| Adopted children and intestacy laws |
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Definition
| Adopted children are considred children of the deceased |
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Term
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Definition
| Illegitimate children must prove paternity |
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Term
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Definition
| A trust is any arrangmenet whereby property (real or personal) is held by one party for the benefit or another. |
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Term
| What are the essential elements of a trust |
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Definition
1) designated beneficiary
2) designated trustee
3) funds sufficiently identified to enable to pass the trustee
4) actual delivery to the trustee with the intention of passing title
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Term
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Definition
1) Living trusts
2) revocable living trusts
3) irrevocable living trusts
4) testamenatry truts
5) charitable trusts
6) spenthrift trusts
7) totten trusts |
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Term
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Definition
| Constructive trusts arise by operation of the law in the interest of equitiyt and fairness |
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Term
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Definition
| The person who holds a trust |
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Term
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Definition
1) honesty
2) good faith
3) prudence in administering the trust and high degree of loyalty to beneficiary's |
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Term
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Definition
| State law governsi n the absence of specific language in will or instrument |
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Term
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Definition
From Nolo.com:
Probate is a legal process that takes place after someone dies. It includes:
- proving in court that a deceased person's will is valid (usually a routine matter)
- identifying and inventorying the deceased person's property
- having the property appraised
- paying debts and taxes, and
- distributing the remaining property as the will (or state law, if there's no will) directs.
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