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Decedents' Estates - Coggle Diagram
Decedents' Estates
Validity
Most Common Will Formalities: in writing; testator's signature; two attesting witnesses; testator signs or acknowledges a previous signature in each witness's presence; witnesses sign in testator's presence.
A Codicil is a later testamentary instrument amending or altering the prior will. Usually same required formalities as a will.
Will Contests focus on a defective execution, a testator's lack of capacity, or revocation.
Lack of capacity arises with issues of mental capacity, undue influence, and fraud.
Mental Capacity to execute a will is a lower standard than capacity required to contract; Requires: Testator 18yrs or older at date of will execution; testator understands the nature of the act; testator understands the nature and extent of their property; beneficiaries are the natural objects of testator's bounty; and testator understands the nature of the disposition they are making.
A will contest based on undue influence requires a showing of: influence exerted on testator; effect of influence overpowers the testator's mind and free will; and product of influence was a will not being executed but for the influence.
Fraud
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Fraud in the inducement would be a misrepresentation as to facts that would influence the testator's motivation to make a will in the first place.
Revocation
Dependent Relative Revocation: an equity doctrine applying when the testator revokes based on a mistake of law or fact where the testator would have made a different bequest but for the mistaken belief.
Presumptions arise when the will is found after the testator's death, but is mutilated. There must be extrinsic evidence to show testator's intent.
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Bequests
Specific Bequest or specific devise: a gift of specific property which is identified and distinguished from all other things of the same kind and is satisfied only by delivery of the particular thing
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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Ademption applies to specific bequests not in the testator's estate at the time of death. Does not apply to general or demonstrative legacies.
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Satisfaction occurs when a gift has been satisfied by an inter vivos transfer from the testator to the after will execution. The testator must provide for the 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. Lifetime gifts are presumed not to be advancements unless intended as such.
Surviving spouses are protected form disinheritance by elective share statutes. These statutes give the spouse an election to take a statutory share in lieu of taking under the will.
Beneficiaries
When a beneficiary dies prior to the testator, their gift lapses (fails)
A person may disclaim an interest in property under a will. To be effective the disclaimer must: be in writing; declare the disclaimer; describe the interest or power disclaimed; be signed by the disclaiming party; and be delivered or filed.
Intestate Succession
If not will exists or a will is found invalid, the decedents property passes under the state's intestate succession statutes. If there are no surviving descendants the spouse takes the entire estate. A surviving spouse takes 1/3 or 1/2 of the estate if there are surviving descendants.