Components of a Will Flashcards
What pages are included in the will?
Only those pages that have been integrated into the will. This includes the pages present when the will was executed and intended to be included in the will. Intent is presumed if there is a physical connection between the pages (like a paperclip).
How is a codicil created?
With the same formalities as a will.
What is republication by codicil?
The will is considered to have been republished when the codicil was created.
What is incorporation by reference?
Documents not present at the time the will was created can be incorporated by reference.
When can a document be incorporated by reference?
When:
- The document was in existence at the time the will was created
- The will sufficiently describes the writing to permit its identification
- The will manifests an intent to incorporate the document.
What is an act of independent significance?
The will can reference independent acts that will ultimately determine how property is given and to whom.
Wills can even use third person’s wills as acts of independent significance.
What is a pour over gift to an inter vivos trust?
The use of a will to fund a trust.
What is the power of appointment?
It is an authority vested in a person enabling that person to designate, within the limits prescribed by the creator of the power, the persons who shall take the property and the manner in which they shall take it.
Examples: Heir gets to decide who the remainder men are.
What is a general power of appointment?
A power exercisable in favor of the donee, his estate, his creditors, or the creditors of his estate.
What is a special power of appointment?
A power exercisable in favor of a limited class of appointees, which does not include the donee, his estate, his creditors, or the creditors of his estate.
What is a presently exercisable power of appointment?
One that the donee can exercise during her lifetime
What is a testamentary power of appointment?
One that is exercisable only by the donee’s will.
Can a donee’s creditor’s reach appointive property?
If the appointee doesn’t exercise here general power than no. The donee doesn’t own the property and therefore it cannot be disposed of to satisfy the appointee’s debts unless he exercises his general power.
EXCEPT when the donor and the donee are the same person. In that instance, the creditors can take the property.
Can the power of appointment be implied?
Yes. When the donee purports to dispose of property subject to the power as though it were her own and the disposition of the property can only be given affect if the donee is treated as having the power of appointment.
What kinds of interests can the appointee create with the appointive property?
All kinds, including future interests, defeasible interests, and other powers of appointment.
