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Wills, Trusts, and Estates > Chapter 4 & 5 > Flashcards

Chapter 4 & 5 Flashcards

1
Q

Succession

A

Act of acquiring property of decedent by will or operation of law when a person dies intestate

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2
Q

Holographic will

A

Written in the makers own handwriting

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3
Q

Nuncupative will

A

Oral

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4
Q

Statutory will

A

A fill in the blank type of will that is authorized by statues in a few states

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5
Q

Joint will

A

Will for spouses, one will signed by both

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6
Q

Mutual wills (reciprocal)

A

Separate and identical. Neither may change after the first spouse dies

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7
Q

Living wills or health care directive

A

Identifies the wishes of a person when they cannot express themselves due to being incapacitated

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8
Q

Specific Devise

A

UPC provision on gifts of real or personal property

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9
Q

Residuary clause

A

Describes distribution of all property not specifically identified else where in will

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10
Q

Ademption

A

The intentional or unintentional revoking, cancellation or recall of gift

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11
Q

Ademption by satisfaction

A

A testator decides to change the timing of a gift in order to permit the beneficiary to enjoy the benefits of the gift before the testators death

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12
Q

Ademption by extinction

A

A testator devises a specific piece of property in his will and the testator no longer owns that property at his death. The devise fails

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13
Q

Lapse

A

Failure to distribute a gift because the named beneficiary predeceases the testator

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14
Q

Abatement

A

Process of determining order in which gifts will be used to pay testators expenses

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15
Q

MN Stat: 524.3-903

A

Distribution; order in which assets appropriated abatement

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16
Q

MN Stat: 524.3-902 Abatement

A

B. The share of surviving spouse who elects to take an elective share. Shares of distributees abate, without any preference or priority as between real and personal property, in the following order.

  1. Property not disposed of by will
  2. Residuary devises
  3. General devises
  4. Specific devises
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17
Q

Abatement within each classification

A

Is in proportion to the amounts of property each of the beneficiaries would have received if full distribution of the property had been made in accordance with the terms of the will

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18
Q

If the will expresses an order of abatement

A

The shares of the distributees abate as may be found necessary to give effect to the intention of the testator

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19
Q

If the subject of a preferred devise is sold or used incident to administration

A

Abatement shall be achieved by appropriate adjustments in, or constribution from, other interests in the remaining assets

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20
Q

Half blood

A

UPC allow for the recovery as if full blood

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21
Q

Lineal descendants

A

Persons with whom one is related in the descending line, one’s children, grandchildren, great-grandchildren, etc.

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22
Q

Lineal Ascendants

A

Persons with whom one is related in the ascending line-one’s parents, grandparents, great-grandparents, etc

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23
Q

Per Capita

A

Method of dividing estate in equal shares without the right of representation

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24
Q

Per Stirpes

A

Distribution by representation. Depends on the relationship

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25
Q

Degrees of Relationship-Consanguinity

A

Relationship by blood through at least one common ancestor

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26
Q

Escheat

A

The passage of property to the state when an intestate decedent leaves no surviving blood relatives or spouse entitled to inherit the intestate’s estate

27
Q

Civil union

A

A legal union between same-sex couples offering many of the same rights and responsibilities associated with a legal marriage

28
Q

Domestic Partnership

A

A legal arrangement between same sex couples offering limited benefits to broad rights and responsibilities associated with a legal marriage

29
Q

Forced Share

A

The spouse’s statutory right to choose a share of the decedent estate instead of inheriting under the provisions of the decedent’s will

30
Q

Stat 524.2-212: Right of Election Personal to Surviving Spouse

A

This may only be exercised during the surviving spouses lifetime.

31
Q

Effect of divorce UPC 524.2-802

A

Not a surviving spouse unless, by virtue of a subsequent marriage, the person is married to the decedent at time of death. A decree of separation which does not terminate the status of husband and wife is not a dissolution of marriage for this purpose.

32
Q

Antenuptial (premarital) agreement

A

A contract made by a man and a woman before their marriage or in contemplation of that marriage whereby the property rights of either or both the prospective husband or wife are determined.

33
Q

Postnuptial agreement

A

A contract made by spouses after marriage whereby the property rights of either or both spouses are determined

34
Q

Adopted children

A

The adopted child is treated as a natural child of the adoptive parents and not the child of the natural parents.

35
Q

Pretermitted (omitted) child

A

A child omitted in a will by a parent.

36
Q

Posthumous child

A

Is conceived before but born after the death of his or her father. Under most state statutes, the child is given an intestate share of the deceased fathers estate

37
Q

Homestead allowance

A

Exempts the homestead from claims by creditors regardless of the amount of the householders debt

38
Q

Stat 524.2-402 descent of homestead

A

A)If there is a surviving spouse, the homestead, which is the family residence, descends free from any testamentary or other disposition of it to which the spouse has not consented in writing or as provided by law:

1) no surviving descendant of decedent
2) surviving descendants of decedent, then to the spouse for the term of the spouse’s natural life and the remainder in equal shares to the decedent’s descendants by representation

B) if no surviving spouse and the homestead has not been disposed of by will it descends as other real estate

39
Q

Exempt property

524.2-403

A

A) if there is a surviving spouse, then, in addition to the homestead and family allowance, the spouse is entitled from the estate to:

1) property not exceeding $10,000 in value in excess of any security interests therein, in household furniture, furnishings, appliances, and personal effects, subject to an award of sentimental value property and;

2) one automobile, without regard to value
B) no spouse, the children are entitled jointly, unless a child was omitted intentionally.

40
Q

524.2-404 Family allowance

A

A) in addition to homestead and exempt property, the decedent’s surviving spouse and minor children, shall be allowed a reasonable family allowance in money out of the estate for their maintenance:

1) for one year if the estate is inadequate to discharge allowed claims; or
2) for 18 months if the estate is adequate to discharge allowed claims.

B) the amount of the family allowance may be determined by the personal representative in an amount not to exceed $1,500 per month.

C) payable to surviving spouse, if living; otherwise to children, their guardian, or conservator, or persons having their care or custody.

D) exempt and has priority over all claims

E) not chargeable against any benefit or share passing.

41
Q

Succession

A

The act of acquiring property of a deceased person, whether by operation of law on the persons dying intestate, or by taking under a will.

42
Q

Intestacy

A

Death without a valid will

43
Q

Testamentary intent

A

Requirements for a valid will that the testator must intend the instrument to operate as his or her last will.

44
Q

Testamentary Capacity

A

Soundness of mind. The measure of mental ability.

45
Q

How to determine testamentary capacity:

Natural Objects of Testator’s Bounty

A

Understands who their family members are, friends, charities, etc. for whom the testator has affection

46
Q

How to determine testamentary capacity:

Insane delusions

A

A person with a disordered mind imagines facts to exist for which there is no evidence

47
Q

How to determine Testamentary capacity:

Lucid intervals

A

A temporary restoration to sanity during which an incompetent person has sufficient intelligence and judgement to make a valid will

48
Q

Formal Requirements of a Will

M.S. 524.2-502

A

Must be:

In writing
Witnessed
Executed; and
Self-proving affidavit

49
Q

Witnesses to a Will must be:

A

Competent;
Attest, to bear witness
Subscribe, to sign one’ down name at bottom of will;
Interested person’s, witness who is also an heir or beneficiary
Publication, formal declaration made at signing

50
Q

Modifying the will:

Ambulatory

A

Revocable and subject to change

51
Q

Ambulatory: Codicil

A

A written amendment to a Will that may modify or revoke provisions in it, but does not cancel or invalidate. Must be executed with the same formalities of a will

52
Q

Ambulatory: interlineation

A

The act of writing between the lines of a Will. This could void the will.

53
Q

Revocation of the Will, and how it is accomplished:

By physical act

A

Keri burns her wills
tears in half
Writes the words cancelled across each page of will
Pen to cross out all clauses of will

Sally, suffers from frostbite, asks Julie to burn sally’s will. Julie in presence of her husband Sam, and under specific directions by Sally, burns the will

54
Q

Revocation of the Will and how it is accomplished:

By operation of law

A

By marriage

By divorce

55
Q

Revocation of the Will and how it is accomplished:

By subsequent writings

A

Writes a new will

Add a codicil to Will

56
Q

Lost wills and how to prove

A

Need clear and convincing proof

Proof that the Will was properly executed;
Proof that while the Will was under the control of the decedent’s, he did not expressly revoke it;
Proof of the contents of the will.

57
Q

Who can contest a will

A

A person with standing (a person stands to lose a pecuniary interest in a decedent’s estate if the Will is allowed).

58
Q

Grounds for Will contests:

Undue Influence

A

The influence one person exerts over another person to the point where the latter is overpowered and induced to do an act that he would not do, or would do if left to act freely

59
Q

Grounds for Will contests:

Fraud

A

Signature is forged

60
Q

Grounds for Will contests:

Duress

A

Coercion, acting under the pressure of a threat

61
Q

Grounds for Will contests:

Improper execution

A

No notice of the will is given to heirs or creditors

62
Q

Prima Facie

A

At first site; on the face of it. A fact presumed to be true unless disproved by evidence on the contrary

63
Q

In terrorem clause

A

A clause in a will that if a beneficiary of the will objects to Probate or challenges the wills distributions that contestant forfeits all benefits of the will

Wills, Trusts, and Estates (2 decks)

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