Freedom of Disposition Flashcards
what is the function of trust and estate law?
to facilitate, not to regulate
if the will is silent or ambiguous, what do we do?
go to the default rules
what is the most important thing to remember?
the decedent’s intent
when is a restraint on marriage valid?
when the restraint does not unreasonably limit the transferee’s opportunity to marry
is the right to receive property under a will a natural right?
no, it is a right created by law
in general, what type of property can be devised under a will?
property owned a death
Monroe case - can’t devise property rights acquired after death
when you die, what determines the jurisdiction that will probate your will for non real estate property?
the state where D is domiciled at death
what determines ancillary jurisdiction? (jurisdiction for real estate)
the state in which the real estate it located
what does a non claim statute do?
limits the time in which creditors have to make a claim against D
what is the best reason to file for probate?
to put a time limit on creditors to file claims
does a car generally need probate?
No b/c in a lot of states there is an estate procedure that allows the executor to change the name on the title of the car
does furniture need probate?
no b/c furniture does not have title
do mutual funds need probate?
- depends
- filing probate will give the executor the authority to go in and transfer title to the mutual fund, however, this may be possible w/o letters of testamentary if the company has a procedure to change title that involves just seeing the death certificate alone
does life insurance need probate?
no, it’s non probate
does joint checking need probate?
- no it’s non probate
- does make a difference if TIC or JT
