Vocabulary
Wills
Persons
Orthodox/Gifts
Chapter 6
100
What are the reasons why people die without a valid will?
1. Sudden Death 2. Procastination 3. Mortality Denial 4. Expensive 5. Confident that the State has a Probate Statute that can probate the properties.
100
What are the requirements for a Will to be valid?
1) Testamentary Capacity 2) Mental Capacity 3) Legal Capacity 4) In Writing 5) 2 Witnesses 6) Signed by Testator
100
Who are the parties involved in the Estate Planning (Pre-Probate)?
1) Personal Representative 2) Attorney 3) Paralegal 4) Probate Court 5) Registrar 6) Clerk/Court Administrator
100
Executor/Executrix Administrator/Administratrix
What is, a Personal Representative?
100
What are the 3 checklists that are important in probate?
1) Family Data 2) Family Advisors 3) Assets & Liabilities
200
What is the best place to put, when a person pre-plans?
Letter of Instruction
200
1) Serve in the position of trust and confidence 2) [CPPM] Collect, protect, preserve, manage probate estate 3) Publish notice to creditors 4) Pay taxes and approved creditor claims 5) Distribute remaining assets 6) No self-dealing, no co-mingling 7) Commence civil lawsuits for claims 8) Not to delegate management of probate estate
What are the responsibilities of a Personal Representative
200
Who are the omitted persons in a will and what rights can they exercise?
1) Spouse - Elective (Forced) Share 2) Children (aka Issues) - support
200
Legacy & Legatee that are now known as devisee in California
What is, entitled to receive a gift of money by will.
200
Accountant, Tax Preparer Attorney, Banker Physician, Religious Advisor Insurance Agent, Appraiser Financial Planner, Trust/Stock Broker
What is, The checklist of Family Advisors who has the decedent's confidential records and documents
300
1) Privacy 2) Spend Thrift Protection 3) Wills & Estate Planning 4) Charities 5) Asset Protection 6) Tax Planning & Avoidance
What are the reasons motivating the creation of the trust
300
What are the different types of wills?
1) Nuncupative 2) Statutory 3) Joint / Mutual (Reciprocal) 4) Living
300
Cannot attest and receive benefits. Otherwise, the Court may restrict the benefit.
What is , the conflict of interest of a beneficiary-witness?
300
Devise/Devisee Heir & Hair-at-law
What is, person(s) entitled to receive a gift of real property
300
Real Property and Fair Market Value Tangible & Intangible Personal Properties Insurance Policies Employee Benefits Business Interests
Schedule of Assets
400
1) Joint Tenancy 2) Life Insurance 3) Trust 4) Pay-on-Death Clause
What are the substitutes for the creation of a will?
400
What are the documents associated in wills?
Power of Attorney Letter of Instruction Medical Directive Living Will
400
Fiduciary duties code of conduct ethical issues
What is, the reasons why there is a conflict of interest with the attorney?
400
Bequest Beneficiary Distributee Next of Kin
Person(s) entitled to receive personal property gifts
400
Mortgages All debts owed
What is Schedule of Liabilities
500
1) Homestead Exemption 2) Homestead Allowance 3) Family Allowance 4) Exempt Property
Under what circumstances can the omitted persons exercise their rights?
500
What are the clauses that can be used in a will?
1) Exordium 2) General Revocation 3) Residuary 4) Simultaneous 5) Testimonium 6) Attestation 7) Self-proving affidavit
500
Clear and convincing proof Prima facie case
What is, overcoming the issue when there is a presumption of undue influence
500
Specific Demonstrative General Residuary
What is, a Legacy type of gift(s) Specific - particular item, subject to ademption Demonstrative, specific monetary amount from a sale... General - a fixed amount of money from the general assets Residuary - gift distributed from the remaining assets
500
Maker, Beneficiaries, Devises, Executor, Witnesses, Guardians and Trustees' addresses and phone numbers
can be found in the checklist for Family Data
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