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Trusts and Estates - Coggle Diagram
Trusts and Estates
Revocation
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DRR: T revokes an old will with the intention that a new will replaces it; if the will isn't made or is invalid, some jurisdictions will admit the revoked will to probate rather than intestacy. You need evidence of the T's intent
Presumptions
when the will is found after T's death but is mutilated, must be som extrinsic evidence to show the T's intent
Revival after revocation
A will is revived after revocation after all of the formal processes of making a will are undertaken, or if there is a codicil; otherwise, only revived if evident from circumstances that the T intended the previous will to take effect as executed
Bequests
subject to ademption, satisfaction, advancement, and a spouse's elective share
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satisfaction: when a gift has been satisfied by an inter vivos transfer from the T to the B after the will's execution
advancement: lifetime gift made to an heir with the intent that the gift be applied against that heir's share of the estate
Specific bequest
gift of a specific piece of property which is identified and distinguished from the rest of the estate
General legacy
payable out of general assets of D's estate and not in any separated or distinguished fund from other things
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Validity
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will execution
if statutory reqs not met, then the will is void—not just voidable
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Intestate Succession
if no will exists or if the will is invalid, then the D's property passes through intestacy
if no surviving descendants, then the spouse takes the entire estate
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Trusts
Creation
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SoF and SoW, if necessary
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Beneficiaries
When a beneficiary dies before the T, their gift lapses and falls to the residue, it does not go to the beneficiary's heirs