Probate
Probate is...
A separate form of jurisdiction/courts that we have to decide how someone is going to administer their estate.
An example of non-probate property is...
Trusts, joint tenancies, payable-on-death contracts (insurance), deeds; everything else goes through probate.
An executor (if named in the will) is someone who...
administers the estate when someone leaves behind a trust or a will.
"Collaterals" refer to...
the siblings of ancestors, aunts, uncles, their kids, their kids, etc.
Under intestacy: If you create a will and that will is found to be invalid or non-controlling...
intestate succession will be there to dispose of the estate!
What (in a nutshell, does) probate court do and why do we use it?
The probate court settles the estate, pays out creditors, and determines what will is valid and controlling/if the document counts as a will. Probate court is efficient.
If you have a will and you die, you are referred to as what?
the testator!
If the court appoints someone to administrate the will they are called...
and Administrator.
Intestate succession is the baseline, it is ALWAYS there and the will is...
right on top of that! Intestate succession is always operating in your life.
When you are doing intestate succession, you ALWAYS begin with...(who?)
the surviving spouse! the surviving spouse has a protected status in intestate succession and they always get the best deal! (it is public policy/American wills law that you always take care of the surviving spouse first)
A will can control portions of a person's estate... T or F?
True! Part of it can be testate and part can be intestate.
If you do NOT have a will and you die intestate, what are you referred to as?
the decedent.
"the surviving spouse" is...
the marital partner who lives longer than the person who died.
Definition of intestate succession...
It is a default estate plan developed by the legislature.
When trying to figure out who the spouse is you look at...
a marital relationship; some states recognize civil unions/domestic partnerships (watch out for unmarried co-habitants! they are not going to get anything)
It is important to determine what parts of the estate is probate property and...
the recipient of a benefit under a trust or a will is called a...
beneficiary.
"issue" refers to...
the lineal line. (your kids, their kids, their kids, their kids, etc.)
Under intestacy: If you do not have a will, your property is going to be disposed of by...
Intestate succession!
Under intestacy: After figuring out who the surviving spouse is you next must figure out the spouses...
share! You find this in the intestate succession statute!
If something is NOT probate property, it will not go through...
the will or intestate succession; it is separate.
An heir is a person who legally takes something by...
intestate succession! (die without a will and you have an heir)
an "ancestor" refers to the dead persons...
parents, grandparents, great grandparents, etc.
Under intestacy: If you have a will that is incomplete, your property is going to be disposed of partially by...
the will and partially by intestate succession!
How do you figure out the spouses share? You must generally look at scenarios; the scenarios will discuss...
if the spouse is the sole survivor; if there is a spouse and then kids, etc. (It is important to look at what the statute/UPC says and then find out what the people get based on the hypo).