Terminology
Individuals that are excluded from the the definition of child.
Who is a stepchild, foster child, or grandchild or more remote descendant?
Elective Share
What is the name of the share of the surviving spouse if hs/she is omitted form the will or is unsatisfied with the terms of the will?
A writing, signed by two witnesses, and signed by the testator.
What is a formal will?
Lawful, not contrary to public policy, and possible to achieve.
What are valid trust purposes?
Ten percent
What is the amount of inheritance tac that a collateral heir will pay in Maryland?
Creator of a Trust.
Who is a settlor or Trustor?
50 % of the net estate
What is the share of the surviving spouse if the surviving spouse and the decedent have minor children together?
The individual has: (1) the ability to understand that he or she is providing for the disposition of his property after death; (2) The individual has the ability to know the nature and extent of his property; (3) The individual knows the natural objects of his bounty; and (4) The individual has the ability to understand in a reasonable manner the general nature and effect of his act in signing the will.
What is sufficient mental capacity?
Transfer of property to another person as trustee by will.
What is a valid method of creating a trust?
Special Needs Trust
What is the name of the trust that is created for persons with disabilities?
Creator of a Will.
Who is a testator?
Any part of the intestate estate that does not pass to the decedent's surviving spouse.
What is the share of heirs other than the surviving spouse?
Execution of a subsequent will that revokes the previous will expressly.
What is express revocation?
The person who is entitled to the benefit of property held in trust and to whom the duties of the trustee is owned.
Who is the beneficiary?
An individual who is divorced from or had the marriage to the individual annulled.
Who is not considered a spouse?
A person including the surviving spouse or the state, that is entitled under the statues of intestate succession to a decedent's property.
Who is an heir?
Statutory survival period.
What is 30 days?
Evidence that a person or persons have induced the decedent to change his will in their favor against other beneficiaries who are the natural object of his /her bounty
What is undue influence?
A trust that arises when an express trust fails or does not cover what is to happen if the purpose of the trust is completed.
What is a resulting trust (equitable)?
A statutory amount that the Orphan's Court may ward to a surviving spouse or other beneficiaries to provide for their needs while the estate is being settled.
What is a family allowance?
The person who, in a trust relationship, holds and deals with trust property for the benefit of another.
Who is trustee?
Any part of the decedent's estate not effectively disposed of by will.
What is intestate succession?
The Department of Education where the decent resided upon his/her death.
Where does an estate go in Maryland is there are no lineal or collateral heirs?
(1) The settlor has capacity to create a trust; (2) The settlor indicates an intention to create the trust; (3) The trust has a definite beneficiary or is either a charitable trust or an honorary trust; (4) The trustee has duties to perform; and (5) The same person is not the sole trustee and sole beneficiary.
What are the requirements to create a trust?
The Orphan's Court
What is the name of Maryland's court that handles probate?