T’s will leaves her ring to B. T executes a new will leaving the ring to C. T just performed this type of revocation.
What is revocation by inconsistency?
This is the order in which property is used to satisfy an abatement.
What is residue, general, specific/demonstrative?
Joe lives in FL and makes a will leaving three residuary beneficiaries his estate. Afterwards, Joe goes in and marks out the name of one of the takers with a pencil. This action is referred to as…
What is partial revocation by physical act?
This is the theory used by courts to reinstate 1st will revoked in the mistaken belief 2nd will is valid.
What is Dependent relative revocation?
A trust will not fail for a lack of this.
What is a trustee?
When a bank account is owned in this way it means that co-owners automatically inherit the property at the death of another owner and can take the entire amount out of the account at any time should they choose to.
What is JTROS? (Joint Tenancy with Right of Survivorship)
Florida allows extrinsic evidence to prove these kinds of ambiguities.
What are latent and patent ambiguities?
Trustee's have this duty to beneficiaries.
What is a fiduciary duty?
In Florida, if a property falls under homestead and the deceased leaves behind one minor child and two adult children, this is the resulting ownership of the property
What is each child gets 1/3 of the property?
In Florida, an interest must vest within this many years in order to avoid the rule against perpetuities.
What is 1000 years?
When a court changes a will to adhere to the T's probable intent, the court applies this doctrine.
What is reformation?
This is created when a third party is given property to hold in trust for a beneficiary.
What is a deed of trust?
Fiduciaries who self-deal are presumed to have violated the duty of loyalty under this rule.
What is the No Further Inquiry rule?
Lou owns a house in Florida. His name is the only one on the deed. When he dies he has a wife and two adult children. This is the disposition of the house.
What is the wife gets a life estate and the kids have a vested interest in equal shares?
This is ONE reason why a trust may end.
What is Legal and equitable title merge?
or
What is The trust property is exhausted?
or
What is The trust purpose ends?
When a donee can appoint property to any object he chooses among many possible objects it is called this type of power of appointment.
What is an exclusive power of appointment?