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Estates - Coggle Diagram
Estates
Bequests
Satisfaction [for inter vivos transfers] when a testator transfers a gift 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
Spousal elective shares spouses are protected from disinheritance by receiving a statutorily allotted amount in lieu of taking under a will
Specific bequest: gift or article or other property identified and distinguished from other things of the same kind
Ademption applies when a specific bequest isn't in the testator's estate at the time of death. The gift is considered deemed and other property is not subsituted
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Revocation
Methods
Operation of law: changes to relationship (new marriage, divorce, etc)
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Presumptions: when the will is found after the testator's death, but it's mutilated. Must be some extrinsic evidence to show testator's intent
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Validity
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Will Contests
Defective execution
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Undue influence requires: influence exerted on testator, effect of influence overpowering testator's mind and free will, and product of influence was a will not being executed but for the influence
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Beneficiaries
When a beneficiary dies before the testator, their gift lapses or fails
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Disclaim when a person removes their interest in property under a will by: 1.) putting it in writing, 2.) declaring the disclaimer, 3.) describing the interest or power disclaimed, 4.) have a signed document by the disclaimed party, 5.) deliver or file the disclaim
Intestate Succession
If there are no surviving descendants, the spouse takes the entire estate (if a will is invalid or doesn't exist)
Descendants take:
Per capita with representation (majority rule) [divided into equal shares at the first generational level with living heirs]
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