Chapter 43 - Wills and Trusts

Question 1

Testator

Answer 1

• Person who writes the will.

Question 2

Wills

Answer 2

• Legal documents that control property upon death.

Question 3

Requirements of a Will

Answer 3

1. Testator must have CAPACITY.
2. Usually in writing.
3. Signed by a testator.
4. Witnesses

Question 4

Nuncupative Will

Answer 4

• Oral Will, not common

Question 5

Testate

Answer 5

• If I die with a will.

Question 6

Intestates

Answer 6

• If I die without a will.

Question 7

Probate

Answer 7

• Process when will goes to a judge to rule if it is a valid will.

Question 8

Personal Respresentative/Executor

Answer 8

• Administers the estate when a person dies.

Question 9

Decedent

Answer 9

• Person who dies.

Question 10

Swain v. Lee

Answer 10

• Someone dies.
• Lee’s would receive property under state law, but Swain said there was a will.
• Judge ruled that certain documents constituted a will, so Swain won.

Question 11

Devise

Answer 11

• Transfer of real property upon death.

Question 12

Devisee

Answer 12

• Recipient of a devise.

Question 13

Bequest/Legacy

Answer 13

• Transfer of personal property.

Question 14

Legatee

Answer 14

• Person who receives the bequest

Question 15

Will Substitutes

Answer 15

• If I hold property jointly, it trumps the will.

- Ex. joint checking account, life insurance, 401K, etc.

Question 16

Amending a Will

Answer 16

• Create a CODICIL (attached doc. to a will that amends statements).
• Can also REVOKE a will.

Question 17

Dying Intestate

Answer 17

• When a person dies without a will.

- State law controls.

Question 18

Intervivos Trust

Answer 18

• Trust set up while alive.

- If I die, property is transferred as a it says, no probate.

Question 19

Testamentary Trust

Answer 19

• Trust setup when i die according to my will.

Question 20

Revocable/Irrevocable Trusts

Answer 20

• Can cancel some trusts, but others you can’t budge.

Question 21

Corpus

Answer 21

• Property in the trust

Question 22

Parties

Answer 22

• Grantor/Settlor = who creates trust
• Trustee = who runs the trust
• Benefeciaries = who receives trust.

Question 23

Charitable Trusts

Answer 23

• Set up for charity

Question 24

Spendthrift Trust

Answer 24

• Managed to prevent a beneficiary from being careless.

Question 25

Constructive Trust

Answer 25

• Under law, a person is not an owner, but rather a temporary holder until delivered.

Question 26

Rawlings v. Rawlings

Answer 26

• Fighting over land. Dad deeded land to oldest son. He didn’t really intend for it all to go to the son.
• It was a constructive trust.

Question 27

Living Will

Answer 27

• If in a coma, instructions for me if i am vegitated.

- Durable health-care POA.