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Estates - Coggle Diagram
Estates
Bequests
Types:
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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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The doctrine of ademption applies to specific bequests that are not in the testator's estate at the time of death.
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. The testator must provide for satisfaction in the will or a contemporaneous writing or the devisee acknowledges in writing.*
An 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.
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Beneficiaries
When a beneficiary dies prior to the testator, that person's gift lapses, or fails. It does not automatically pass to that person's heirs, but falls into the residue.
Most states have anti-lapse statute. This statute operates to save the gift when the predeceased beneficiary was in a specified degree of relationship to the testator and left descendants. The Uniform Probate Code extends the statute's application to the testator's stepchild, a grandparent, or a descendant of the testator's grandparent.
Under the Slayer Act, a beneficiary receives nothing if they participated in the death of the testator.
Under the Uniform Probate Code, a person who cannot be established to have survived the decedent by 120 hours is deemed to have predeceased the decedent.
An omitted after-born or after-adopted child may receive a share of the decedent's estate unless the omission was intentional or the testator has provided for the child outside the will.
Revocation
Methods:
Operation of Law:
Testator divorces after making a will - all provisions in favor of the ex-spouse become ineffective for all purposes, unless the provisions were intended to survive the divorce.
Surviving spouse married testator after testator executed the will. Surviving spouse entitled to the value of the share she would have received if the testator had died intestate.
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Physical Act:
Burning, tearing, canceling, obliterating, or destroying the will or any part of it.
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Validity
To be valid, a Will must be properly executed by an individual with capacity.
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Intestate Succession
If there are no surviving descendants, the spouse takes the entire estate. A surviving spouse takes one-third or one-half of the estate if there are surviving descendants. The descendants take the remainder of the estate.
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