Contracts Relating to Wills & Changes in Beneficiaries/Property

Question 1

Contract to Make a Gift by Will

Answer 1

contract to make, not make, or revoke will is VALID

Question 2

Remedy for Breach

Answer 2

If T dies in breach then constructive trust for the beneift of the promisee

Question 3

Joint and Mutual Will

Answer 3

joint wills is a single instrument that acts as the will of two or more T’s
Mutual Wills are separate that contain substantially the same provisions

Question 4

Revocability - Joint and Mutual Will

Answer 4

any time during T’s life

Question 5

No Presumption of Contract - Joint and Mutual Will

Answer 5

execution of joint or mutual does not raise a presumption that the will were executed as a promise by each party

Question 6

Lapsed Gift

Answer 6

gift lapses if the beneficiary predeceases the testator.

Question 7

Anti-Lapse Statute

Answer 7

if gift would lapse to issue or to parents/ grandparents the gift is saved by anti-lapse statute. unless contrary provision in will.

Question 8

Lapse in Residuary Gift

Answer 8

if residuary estate to two or more beneficiaries and 1 predeceases then
CL do not divide predecendants shares - go by intestacy
MOST states - no residue of a residue - surviving beneficiaries split based on proportion of share

Question 9

Class Gifts

Answer 9

Only class members who survive T take a share. 
UNLESS anti-lapse

Question 10

Beneficiary Dead when Executed

Answer 10

VOID. Unless anti-lapse

Question 11

Classification of Testamentary Gifts

Answer 11

1) Specific Devise or Legacy
2) General Legacy
3) Demonstrative Legacy
4) Residuary Estate

Question 12

Specific Devise or Legacy

Answer 12

gift of a particular item of property distinct from all other objects

Question 13

General Legacy

Answer 13

gift of a general economic benefit.

Question 14

Demonstrative Legacy

Answer 14

gift of a general amount that is to be paid from a particular source or fund

Question 15

Residuary Estate

Answer 15

balance of T’s property after paying 1) debts, expenses, and taxes and 2) specific, general, and demonstrative gifts

Question 16

Ademption

Answer 16

the failure of a gift because the property is no longer in T’s estate at death
Applies only to specific devises and bequests

Question 17

Partial Ademption

Answer 17

a gift may be partially adeemed. Beneficiary takes the remaining portion

Question 18

Accessions - Occurring before T’s death

Answer 18

income on property goes into general estate

improvements to Real property go the devisee

Question 19

Accessions - Occurring after T’s death

Answer 19

increase to specific gifts - go to specific beneficiary

Question 20

Accessions - Stock Splits and Stock Dividends

Answer 20

CL - specific bequest of stock included additional shares produced by stock split but not dividend
UPC - includes stock dividends