Components of a Will Flashcards
Integration
Physical attachment, coherence of pages make a presumption that the pages were intended to be part of a will
Republication by Codicil
modifies previously executed will and must has the SAME formalities
Will are considered executed on the date of the last codicil
Modifications to will
Any alteration after an effective will will be INEFFECTIVE unless the same formalities are gone through again.
Validation of an invalid will
A validly executed codicil can validate a defective will by reference to it. + original must have been intended to be a will
Incorporation by Reference
Document may be incorporated into a will if it
1) is in existence at the time of execution
2) is sufficiently described
and
3) will shows intent to incorporate
Acts of Independent Significance
if an act that would affect who is a beneficiary under a will has any other significance it will be valid
Pour-Over Gift to Inter Vivos Trust
T can make a bequest to a trustee even if the trust can be revoked or amended after execution of the will
Powers of Appointment
enables the person to designate the persons who shall take the property and the manner in which they shall take it
General vs Specific PoA
General - donee can benefit himself. Special - limited class of appointees and not the donee himselft
Present Exercisable v. Testamentary Power
Presnet - power by donee during her life
Testamentary - exercisable only by donee’s will.
Creditors and Appointive Assets
If donee exercises general power then creditor can get the assets as if they belonged to her.
If does NOT exercise general power then donee’s creditors can not
Nonprobate assets
a will cannot make a gift of nonprobate assets such as trusts, life insurance, right of survivorship.
