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Estates, Trusts - Coggle Diagram
Estates
Validity
Attested
Holographic
Must be in writing and signed
Varies by state
Codicil
amends or alters prior will
Incorporation by reference
Acts of independent significance
Contractual Wills
Extrinsic Evidence
Will Contests
defective execution, lack of capacity, or revocation
Mental capacity
18 years old or older
sound mind
understands nature and extent of property
beneficiaries are natural object of bounty
understands nature of disposition
Testamentary intent
Revocation
Dependent relative revocation
Presumption
Revival
Testator divorce
Surviving spouse
Written instrument v physical act
Partial revocation
Bequests
Specific
ademption applies if not in estate at TOD
general legacy
demonstrative
Satisfaction
Advancement
Elective share
Beneficiaries
Lapse and anti-lapse statutes
Slayer Act
Omitted after-born
simultaneous death
disclaimer
Intestate Succession
Majority rule v Modern trend
representation v generational
Trusts
Validity
Capacity
Intent
Capacity of trustee
Trust property
Identifiable beneficiary
Proper purpose
Statute of Frauds and Statute of Wills
Creation
Modification
is it revocable?
spendthrift provision
discretionary provision
Types
Express
private
charitable
Implied
resulting
constructive
Trustee
Powers
settle or abandon
borrow
sell or lease
apportion
incur reasonable expenses to maintain property
Duties
loyalty and good faith
preserve property
dispose of waste
earmark assets
collect/protect property
maintain accounting
enforce claims
not to delegate