Decedents estate
Validity- is will/trust properly executed by an individual with capacity? If not, will/trust is void
Revocation: types
Bequests - subject to ademption (applies to septic bequests that are not in the T'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), advancement (lifetime gift intended to act against the share of the heir's stare of the estate), and a spouse's elective share (protects SS from disinheritenace)
Beneficiaries
Intestate succession
Will formalities: in writing, signed by testator, witnessed (two individuals)witness use sign in testator's presence
Codicil- later testamentary instrument that amends or alters the prior will- must be executed I n the same manner as a will
Contesting a will: defective execution, testator's lack of capacity, or a revocation
Mental capacity requires: T be 18 yo, T understands nature of the act, T understands the nature and extent of his property, beneficiaries are the natural object of T's bounty, T understands the nature of the disposition he is making
Will contest: based on undue influence requires: influence exerted over T, effect of influence overpowers the T's mind and free will, and product of influence was a will not being executed but for the influence
No contest clauses
Operation of law, written instrument, physical act, dependent relative revocation (equity doctrine where a court may disregard a t's revocation of a prior will if newer will was not properly executed)
Issue may arise when beneficiary dies before testator- in this case, the gift lapses, or falls to residue of estate unless the state has an anti-lapse statute
Step 1: categorize the type of bequest
specific-
general
demonstrative
if no will exists or the will is found to be invalid
two different schemes to distribute property at this stage: percaptja with representation (majority) and per capita at each generation (minority)
Trusts (fiduciary relationship where the trustee holds legal title to property with a duty to manage, invest, safeguard and administer the trust assist and income for the benefit of the designated beneficiaries, who hold equitable title.
types
trustee
creation
Fiduciary duties- duty of loyalty and good faith, preserve trust property and make it productive dispose of wasting trust assets, maintain accounting of transactions, enforce claims and defend the trust from attack
powers: settle or abandon trust claims, borrow $, sell or lease trust assets, apportion trust income, incur reasonable expenses necessary to maintain trust property, exercise all rights and power an unmarried individual has over his own property
elements of a valid trust: settlor's capacity, intent, trustee, res (trust property), an inter vivid transfer, identifiable beneficiary, proper purpose, SOF/statute of wills if necessary
trust modification depends on if settlor or beneficiaries are modifying trust (see page 288 for detail)
Trust provision topics that come up on bar: spendthrift (beneficiary cannot voluntary or involuntary transfer trust interests) and discretionary provisions (provision vests additional powers with trustee to decide when to distribute income of the trust)
express- arise from intention of property owner. Created through inter vivid transfer or through will
charitable
constructive trust: deprive a wrongdoer from retainer improperly obtained property
resulting trust- arises from the failure of an express trust, from a purchase money resulting trust or from incomplete disposition of trust assets