Please enable JavaScript.
Coggle requires JavaScript to display documents.
Trusts and Estates (Wills (Execution (If the statutory requirements are…
Trusts and Estates
Wills
-
-
-
-
-
Execution
If the statutory requirements are not met, the will is void and not just voidable.
Will must be in writing: Most states recognize a holographic will—that is, a will entirely in the testator’s handwriting and no attesting witnesses.
Testator’s signature: may be by any mark. Testator can direct another person to sign for him in his presence.
-
-
-
-
Contested wills
Mental Capacity
Execution: Testator must be 18 years old or older at date of execution of will; • Testator understands the nature of the act; • Testator understands the nature and extent of his property; • Beneficiaries are the natural objects of his bounty; and • Testator understands the nature of the disposition he is making.
Undue Influence
Influence exerted on testator; • Effect of influence overpowers thetestator’s mind and free will; and • Product of influence was a will not being executed but for the influence.
-
-
-
-
-
Bequests
Specific bequest or specific devise: 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.
-
Satisfaction occurs when a gift has been satisfied by an inter vivos transfer from the testator to the beneficiary subsequent to the will's execution
Advancement: lifetime gift made to an heir with the intent that the gift be applied against the heir's share of the estate.
Trusts
-
Express Trusts
(1) inter vivos trust created by the property owner; (2) an inter vivos trust created by transfer of property during settlor's lifetime; (3) a testamentary trust created by will.
-
Implied Trusts
(1) resuting trusts place property in the hands of rightful wooers when circumstances require it; (2) constructive trusts deprive a wrongdoer from retaining improperly obtained property
-
-
-
Future Interests
Life Estates; Acceleration of future interests; Vested/ Contingent Remainders; Powers of appointment; Rule Against Perpetuities; Reversions/ Remainders/ Executory Interests