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Decedents' Estates, Trusts - Coggle Diagram
Decedents' Estates
Validity
Will execution
Testator's signature
Two witnesses
Will in writing
Signature in testator's presence
Codicil
Amendment
Will contests
Mental capacity
Understands nature and extent of property
Beneficiaries objects of bounty
Understands nature of act
Testator understands nature of disposition
18 years old
Undue influence
Effect of influence overpowering
But for influence
Influence exerted on testator
Revocation
Partial revocation under UPC
Dependent relative revocation
Beneficiary issues
Presumptions
Anti-lapse statute
Bequests
General legacy
Demonstrative bequest
Specific bequest
Ademption
Spousal elective share
Satisfaction
Advancement
Intestate succession
Majority rule
Per capita w representation
Equal shares to 1st gen
Modern application
Per capita at each gen
Beneficiaries
Disclaim
Describe interest disclaimed
Signed by disclaiming party
Declare the disclaimer
Delivered or filed
Writing or record
Trusts
Creation
Discretionary provisions
Valid trust
Spendthrift provisions
Modification
Types
Express
Private express
Charitable
Implied
Resulting
Constructive
Trustee
Powers
Borrow money
Sell or lease assets
Exercise rights on unmarried person
Apportion trust income
Settle or abandon trust claims
Incur reasonable expenses
Duties
Dispose of unproductive assets
Maintain accounting of transactions
Preserve property and make productive
Enforce claims and defend attacks
Loyalty and good faith