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Decedents' Estates (Beneficiaries (A person may DISCLAIM an interest…
Decedents' Estates
Validity
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SKIP IF: The facts state Testator executed a valid will or give another indicia of validity, then skip this step.
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NOT VALID:
If the testator's writing in completion of a future writing, then the writing is not a valid will.
"Codicil" = later testamentary instrument that amends or alters the prior will; must be executed in the same manner as a will
Will Contests: Focus on a defective execution, a testator's lack of capacity, or REVOCATION
Lack of Capacity: (1) Issues of Mental Capacity, (2) Undue Influence, and (3) Fraud
Mental Capacity to execute a will is a lower standard than capacity required to contract. REQs: (1) Testator must be 18 years old or older at date of execution of will; (2) Testator understands the nature of the act; (3) Testator understands the nature and extent of his property; (4) Beneficiaries are the nature of the disposition he is making; (5) Testator understands the nature of the disposition he is making.
Undue Influence REQS: (1) Influence exerted on Testator; (2) Effect of influence overpowers the Testator's mind and free will; and (3) Product of influence was a will not being executed but for the influence.
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REVOCATION
(1) Operation of law, (2) Written instrument, (3) Physical act
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Presumptions
Arise when the will is found after a testator's death, but is mutilated. MUST be some extrinsic evidence to show testator's intent.
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Beneficiaries
ISSUES ARISE when a beneficiary dies prior to the testator or when a child of the testator is not included as a beneficiary
When a beneficiary dies prior to the testator, that person's gift LAPSES, or fails
Anti-Lapse Statute = operates to save the gift when the predeceased beneficiary was in a specified degree of relationship to the Testator and left descendants
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A person may DISCLAIM an interest in property under a will. To be effective, a disclaimer must:
(1) be in writing or other record; (2) declare the disclaimer; (3) describe the interest or power disclaimed; (4) be signed by the disclaiming party; and (5) be delivered or filed.
Intestate Succession
If no surviving descendants, the spouse takes entire estate.
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BEQUESTS under a will are subject to ademption, satisfaction, advancement, and a spouse's elective share.
Specific bequest or specific devise: gift of a specific article or other property, which is identified and distinguished from all other things of the same kind and is satisfied only by delivery of the particular thing.
General legacy: payable out of the general assets of the decedent's estate and not in any separated or distinguished fund from other things of the same kind
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Satisfaction occurs when the gift has been satisfied by an inter vivos transfer from the testator to the beneficiary subsequent to the will's execution