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Estates, TRUSTS, ISSUE Spotting MEE - Coggle Diagram
Estates
Beneficiaries
lapse
slayer act
omitted after-born
simultaneous death
disclaim
in writing
declaring disclaimer
describe interest/power disclaimed
signed by disclaiming party
be delivered or filed
Bequests
ademption
satisfaction
advancement
spouse's elective share
FIRST, classify bequest
specific
general
demonstrative
Intestate Succession
if no surviving descendants, all to spouse
1/3 or 1/2 to spouse if there are surviving descendants
for descendants divide
per capita representation (majority rule)
per capita at each generational level (modern trend)
VALIDITY
will execution
in writing
holographic wills
nuncupative
testator's signiture
two attesting witnesses
testator must sign/acknowledge a previous signature in each witness's presence
witnesses sign in testators presence
some states additionally require:
testator's signature be at the end of will
testator must publish will (declare to the witnesses that this document is intended to be the testator's will)
witnesses sign in presence of eachother
codicils
will contests
defective execution
undue influence
fraud
lack of capacity
REVOCATION
methods
operation of law
written instrument
physical act
partial revocation allowed under UPC
dependent relative revocation
presumptions
revival after revocation
no contest clause
durable power of attorney
TRUSTS
creation
capacity
intent
trustee
res-trust property
identifiable benficiary
proper purpose
statute of frauds/statute of wills if necessary
trust provisions that require notice
spendthrift
discretionary
types
express
private
charitable
indefinte beneficiaries BUT restricted from small groups of people
charitable purpose
rule against perpituities
cy pres doctrine
terminated if cannot be performed as intended and requirements for cy pres not met
may be created by
intervivos trust
by declaration of trusted property owner
by transfer of property during during settlor's lifetime
testamentary trust created by will
implied
resulting trusts
constructive trusts
trustee
powers
settle or abandon trust claims
exercise all rights and powers an unmarried individual has over his own property
borrow money
sell or lease trust assets
apportion trust income
incur reasonable expenses necessary to maintain trust property
duties
loyalty and good faith
duty to preserve trust property and make it productive
duty to dispose of wasting or non-productive assets
duty to maintain accounting of transactions
duty to enforce claims and defnd trust from attack
modification
settlor may modify if not irrovcable
beneficiaries
need settlor consent to modify if
modification would conflict with material trust purpose
no settlor consent needed for
no conflicts with material purpose of trust
if they do not agree
court may modify or terminate when
trust could be modified if every bene would consent
interests of non-consenting bene's will be adequately protected
ISSUE Spotting MEE
DO I have an attested will?
if no, holographic will?
if no, what does intestacy say I should do?
is it a trust?
creation
skip if Q says valid trust
classification
trustee's powers and duties