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TRUSTS AND ESTATES (Beneficiaries (Disclaim interest? Describe interest,…
TRUSTS AND ESTATES
Beneficiaries
Disclaim interest? Describe interest, in writing, declare disclaimer, signed, delivered or filed
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Anti-Lapse? Saves gift, goes to beneficiaries of intended
If dies before T, lapses fails; residue to estate, no residue of a residue
Revocation
By: Written instrument, operation of law, physical acts
mistake of fact or law, court my act in equity
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Types
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Express: Private, see types
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Will Contests
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Need Proper execution: writing, witnesses, signed, acknowledged, signed by T
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Trust provisions
Spendthrift: must be enacted before, but B cannot transfer interest, creditors can reach B's interest but not rest of trust
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Modification
Beneficiary: court can mod, need settlor's consent if conflicts w purpose
Trustee: if can justify cost, or terminate up to 50k
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Intestate Succession
Per Capita, Per Stirpes, Per Stirpes by Representation
If children only w spouse, all to spouse, if children w other, then split according to state law
Bequests
If real property, must specify, unless satisfaction
Bequests subject to: Spousal elective share, ademption, advancement, satisfiaction
Powers of a Trustee
Exercises rights and powers, borrows money, sell or lease trust assets, apportion income, incur reasonable expenses, settle claims against trust
Need to create
Validity, capacity, present intent, a trustee, Res, purpose