Contracts Relating to Wills & Changes in Beneficiaries/Property Flashcards
Contract to Make a Gift by Will
contract to make, not make, or revoke will is VALID
Remedy for Breach
If T dies in breach then constructive trust for the beneift of the promisee
Joint and Mutual Will
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
Revocability - Joint and Mutual Will
any time during T’s life
No Presumption of Contract - Joint and Mutual Will
execution of joint or mutual does not raise a presumption that the will were executed as a promise by each party
Lapsed Gift
gift lapses if the beneficiary predeceases the testator.
Anti-Lapse Statute
if gift would lapse to issue or to parents/ grandparents the gift is saved by anti-lapse statute. unless contrary provision in will.
Lapse in Residuary Gift
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
Class Gifts
Only class members who survive T take a share. UNLESS anti-lapse
Beneficiary Dead when Executed
VOID. Unless anti-lapse
Classification of Testamentary Gifts
1) Specific Devise or Legacy
2) General Legacy
3) Demonstrative Legacy
4) Residuary Estate
Specific Devise or Legacy
gift of a particular item of property distinct from all other objects
General Legacy
gift of a general economic benefit.
Demonstrative Legacy
gift of a general amount that is to be paid from a particular source or fund
Residuary Estate
balance of T’s property after paying 1) debts, expenses, and taxes and 2) specific, general, and demonstrative gifts
Ademption
the failure of a gift because the property is no longer in T’s estate at death
Applies only to specific devises and bequests
Partial Ademption
a gift may be partially adeemed. Beneficiary takes the remaining portion
Accessions - Occurring before T’s death
income on property goes into general estate
improvements to Real property go the devisee
Accessions - Occurring after T’s death
increase to specific gifts - go to specific beneficiary
Accessions - Stock Splits and Stock Dividends
CL - specific bequest of stock included additional shares produced by stock split but not dividend
UPC - includes stock dividends
