Freedom of Disposition

Question 1

What is the aim of American property law and succession?

Answer 1

To facilitate the disposition of property, NOT regulate it

Question 2

Succession

Answer 2

Transfer of a decedent’s property to a beneficiary

Question 3

Dead Hand Rules

Answer 3

Protect a decedent’s disposition interests up to a point. Then they serve to prevent a dead person from exerting too much control over the living

Question 4

Intestacy

Answer 4

When a person dies without a will

Question 5

Laws of Intestacy

Answer 5

Laws that guide the transfer of intestate property

Question 6

Freedom of disposition

Answer 6

The right of the decedent to lay out in life how they would like their property to be dispensed

Question 7

Do future interests of a potential beneficiary matter?

Answer 7

no, because this is ‘mere expectancy’ which is irrelevant

Question 8

Can your will go against public policy?

Answer 8

No,will cannot violate public policy.
EX:
-cant force people to get married in order to obtain property in your will
cant have someone destroy your property when you die because public policy doesn’t like waste

Question 9

What is the logic behind freedom of disposition?

Answer 9

you have worked hard to amass your wealth in life and you should be able to dispose of it how you would like

Question 10

True or False: only property owned by the decedent at the time of death will be devised

Answer 10

True: See Marylin Monroe Case pg. 35

Question 11

Types of non-probate transfers

Answer 11

a. inter vivos trust
b. life insurance
c. pay-on-death and transfer on death accounts
d. joint tenancy

Question 12

Executor

Answer 12

person named in the will to execute the will

Question 13

what does it mean to ‘devise?’

Answer 13

to leave real property to a person

Question 14

what does it mean to ‘bequeath’?

Answer 14

to leave personal effects to a person i.e. jewelry, car, furniture

Question 15

three core functions of probate

Answer 15

1. evidence title transfer to the new owner
2. protects creditors by providing procedure to pay decedent debts
3. distributes property to those the decedent intends to receive

Question 16

what is a non-claim statute?

Answer 16

a statute that bars creditor claims against a decedent’s estate if they are not:

1. filed within a short period of time after probate has commenced
2. or claims not filed within 1-5 years of a decedent’s death (1 year under the UPC)

Question 17

UPC 2-101. Intestate Estate

Answer 17

a. Things not disposed of by will will be passed to heirs via intestate succession
b. the UPC tries to closely follow the intent of the decedent i.e. if they say in a will they dont want a certain person to get anything

Question 18

UPC 2-102. Intestate share of a spouse

Answer 18

The intestate share of a surviving spouse is:

1. the whole estate if