Checklist for Essays Flashcards
Community Property Checklist C#1
- Preliminary Q: Does CA CP law apply to the item of property?
a. a legal marriage
b. a CA domicile - What is the source of the item?
- Have any actions by the parties altered the character of the property?
- Do any statutory presumption apply?
- Are any issues raised as to management and control of CP during marriage?
- Based on the above, how should the item be divided?
Community Property Checklist C#2
What is the source of the item?
Is it coming from SP or CP?
Earnings, pension rights, disability & workers comp, employee stock options, severance pay, goodwill of a business, federal benefits, personal injury damages, gifts, real property, rents, issues, and profits, real property, life insurance, education & training.
Community Property C#3
“Because CA is a community property state, all property acquired during marriage is community property, while property acquired before or after marriage is separate property, or by gift or inheritance, or rents, issue, profits from separate property are separate property. The characterization of an asset as CP or SP depends on three factors:
- The source of the item
- Actions by the parties to change the character of the item
- Any applicable statutory presumptions affecting the item.
Real Property C#1
- What is the type of ownership interest?
- What characteristics are inherent in such ownership and what rights are duties arise from such ownership?
- Are there any limitations on such ownership?
- Land sale contract issues?
Real Property C#2
- What is the type of ownership interest?
- Presently owned/possessed land
- Future interests
- Incorporeal interests
- Rights in land/ fixtures
- Adverse possession
Wills & Trusts C#1
Interrogatories testing Wills:
What rights, if any, does each of the survivors have in the estate of: Bill? discuss, Till? disscus.
Is the will effective? Discuss.
How should the assets be distributed? Discuss.
What are the rights and liabilities of John, Angela, and Larry? Discuss.
Wills & Trusts C#2
Is there a valid will?
Will reqs: A written instrument, executed with testamentary capacity, present testamentary intent, signature of the testator, and conscious presence of two competent witnesses.
What documents comprise the will?
Integration, incorporation by reference, codicil, acts of independent significance.
Are there any defenses to the will?
Fraud, mistake, undue influence
Has the will been revoked, republished, or revived and does the doctrine of DRR apply?
How should the property be distributed?
Wills & Trusts C#3
ARE THE ELEMENTS OF A TRUST MET?
A valid trust req a beneficiary, trustee, settlor, a trust res, intention to create a trust, trust purpose.
WHAT TYPE OF TRUST WAS CREATED AND ARE ANY ADDITIONAL REQS MED?
Charitable trust, constructive trust, discretionary trust, honorary trust, inter vivos trust, life insurance trust, pour over trust, revocable inter vivos trust, secret trust, spendthrift trust, support trust, testamentary trust, totten trust.
TRUST ADMINISTRATION?
Duty not to encumber from or borrow from trust
Duty to exercise care, skill, and prudence in managing trust
Duty to avoid self dealing- duty to loyalty
Duty to diversify trust assets
Duty to earmark assets
Duty to follow instructions
Duty to supervise agents
Duty not to delegate
Duty to invest
Duty of care
Duty to segregate
Corporations C#1
- FORMATION ISSUES: Was the corp validly created, and if so, can the corp. veil be pierced?
- STOCK ISSUES: Did the corporation properly issue stocks/dividends and do the doctrines of pre-emptive rights, repurchase or redemption apply?
- STOCK TRANSFER LIABILITY: Is D liable for common law or statutory violations of security laws?
- DUTIES AND RIGHTS OF PROMOTERS, SHAREHOLDERS, DIRECTORS, OFFICERS: Are the promoters, SHs, directors, & officers acting within the corp.’s power and have any duties to the corp or SHs been breached?
- CORPORATE MERGER ADN DISSOLUTION ISSUES
