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Decedents' Estates - Coggle Diagram
Decedents' Estates
Validity
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Will execution: each state has own requirements, if not met then will not valid. Result will not entered into probate
Steps:
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
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Revocation
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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. if new will is not made or invalid, some jurisdictions will admit the revoked will to probate.
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Bequests
under a will are subject to ademption, satisfaction, advancement, and a spouse's elective share
Specific bequest: a 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. (my car v. a car)
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.
demonstrative bequest: bequest of certain some to be paid out of a particular fund (100 shares of stock v. 100 shares of my stock).
ademption: applies to specific bequests that are not in the testator's estate at the time of death. A gift.
Satisfaction: occurs when a gift has been satisfied by an inter vivid transfer from the testator to the beneficiary subsequent to the will's execution
Advancement: is a lifetime gift made to an heir with the intent that the gift be applied against the heir's share of the estate.
Beneficiaries
issue arrises when a beneficiary dies prior to the testator or when a child of the testator is not included as a beneficiary
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Intestate Succession
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if no surviving descendants, the spouse takes the entire estates
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