Intestacy
Dividing the estate into shares at root generation
What is Per Stirpes?
Writing that is signed at the end by testator (or person designated); in presence of 2 attesting witnesses who sign in front of each other
What are the will formalities?
Writing, Physical act or Operation of law
What are ways to revoke a will?
The percentage for an elective share
What is 30%?
Settlor, intent, trustee, trust res, ascertainable beneficiaries and valid purpose.
What are the elements of an express private trusts?
Absent a murder conviction, the Slayer statute uses what standard to determine whether a potential heir killed the decedent
What is preponderance of the evidence?
Recites the facts that occurred during the execution of the will
What is an attestation clause?
Testator crosses out one clause in a will with the intent of revoking only that clause.
What is a physical act that is not effective?
Surviving spouse waives rights; Is provided for in the will; or will demonstrates intent not to provide
What are the ways a pretermitted spouse rule will not apply?
The three ways to remove a trustee
What is on a court's own initiative; after a petition (by settlor, co-trustee or any benficiary) OR on removal a court may appoint a new one?
A gift made by decedent during the life of the decedent and given to a potential heir
What is an advancement?
A document that is attached to the will and can make certain changes
What is a codicil?
Annulment, divorce or dissolution of marriage
What are revocations by operation of law?
Taxes and assessments against property.
obligations that are contractual for purpose of improvement or repair.
And, mechanics lien in connection with obligations for labor.
What homestead property is not protected against?
A document that creates an inter-vivos trust and a will that pours assets into this trust.
What are the two documents for a pour-over trust?
A and B held blackacre as joint tenants with right of survivorship. A and B were in a plane crash and rushed to hospital. Upon arriving at hospital A is pronounced dead and B dies five minutes later.
(example of)
What is Simultaneous Death?
Nature and extent of testator's property; Persons who are natural objects of testator's bounty; and Dispositions testator is making.
What are the requirements for sound mind?
When multiple copies of a will have been fully executed and a physical act of revocation was performed on one of the copies
(means what)
What is a presumptive act as revocation of all copies?
Extrinsic evidence is not admissible if the meaning of the will is clear on its face
What is the plain meaning rule?
The testator makes a devise to a person but orally instructs this person to hold the devised property for the benefit of a third person
What is a secret trust?
Dre is married to Ava. Ava kills Dre for eating her leftovers. Dre has 2 adult kids from previous marriage Mickey and Minnie. Ava had a child from previous marriage, Simba, whom Dre did not adopt. Dre and Ava had one child together during their marriage, Andy. How will Dre's estate be divided?
Mickey, Minnie and Andy each receive one-third of the estate.
Occurs when the testator executes a will under a belief of fact that causes him to exclude a gift provision that the testator would have otherwise included
What is a mistake of omission?
If a will is revoked then any codicil attached will be
What is revoked automatically?
This is created when a depositor opens a bank account in the name of another person; the depositor retains the passbook and may make deposits and withdrawals during his lifetime
What is a totten trusts?
The duties of a trustee
What is the duty to administer; duty to follow traditional accounting rules; duty of loyalty; duty of impartiality; duty to collect ans protect trust; duty to not commingle funds; duty to keep records and report; and duty to enforce claims and defend trust