Freedom of Disposition

Question 1

Justifications for Freedom of Disposition

Answer 1

▪ Labored for the stuff we acquired in life, should be able to decide who gets it next
▪ Desire to provide for future generations

Question 2

Alternative to Disposition

Answer 2

Escheat

Question 3

Escheat

Answer 3

Escheat – Property goes back to the estate after one dies

Question 4

Dead Hand

Answer 4

Want to prevent the dead from controlling our use

Question 5

Posthumously Acquired Property Rights

Answer 5

Rights which develop/Property which is acquired after the person is dead

Question 6

What property rights does one have when they die/what can they devise?

Answer 6

Depends on law of that State

Question 7

Intestate

Answer 7

Dies without a will

Question 8

Inter Vivos Trust

Answer 8

Created While living

Question 9

Testamentary Trust

Answer 9

Arises after death

Question 10

Pros to Probate

Answer 10

debt, serves to put creditors on notice

Question 11

Cons to Probate

Answer 11

time, cost, publicity

Question 12

What MUST go into Probate

Answer 12

Real Property

Question 13

Assets that can be placed in non-probate Will:

Answer 13

• Life Insurance
o Separate contract outside the will
• Bank Accounts
• Mutual Funds
• Joint Tenancies With Right of Survivorship
o No rights at death, your rights do not pass to anyone
• Inter Vivos Trust

Question 14

Personal Representation with a Will is called:

Answer 14

Executor

Question 15

Personal Representation without a Will is called:

Answer 15

Administrator

Question 16

Choice of Law for Probate

Answer 16

o The applicable law is that of the jurisdiction in which you are domiciled at the time of death
o When you have real property in another jurisdiction ancillary probate is required

Question 17

To whom does an attorney owe a responsibility?

Answer 17

▪ There is a duty owed to those who are in privity to the contract
▪ Due to the foreseeability of injury to the intended beneficiary, the duty runs to the intended beneficiary as well