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Estates (Bequests (Specific Bequest: Gift of a specific article or other…
Estates
Bequests
Specific Bequest: 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 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
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Beneficiaries
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
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If one is born after a testator passes, they mat still receive a share
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Validity
Will Execution: If the statutory requirements are not met, the will is void and not just voidable.
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Will contests: Focus on a defective execution, a testator's lack of capacity, or a revocation
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Revocation
Types:
Methods:
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Physical Act: Burning, tearing, canceling, obliterating, or destroying the will or any part of it
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Dependent relative revocation: Testator revokes an old will with the intention that a newly executed will replaces it
Presumptions: Arise when the will is found after a testator's death, but is mutilated
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Intestate Succession
If there are no surviving descendants, then the spouse takes the entire estate
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