Gifts/Wills Flashcards
Decedent
The deceased/dead person
Will
Instrument or declaration by which one directs the disposition of one’s property after death
Testator/testatrix
Person making the will
Codicil
A supplement to a will adding or deleting/otherwise changing the will
Testate
Died with will
Intestate
Died without will
Partial intestacy
Died with will but it did not direct all assets. Avoid via residuary clause
Devise
Verb: to dispose of property by will
Noun: testamentary disposition of real or personal property
Heir
Person entitled to another person’s real property under intestate succession. Must survive decedent by 120 hours. Can be in womb, but must survive birth by same amount of time.
UPC 2–101
Can make a negative will, which specifically excludes people from will
Probate
Process of proving will or having it declared valid and effective following the death of testator
Estate
Property of decedent
UPC Requirements for Formal Will
Must be in writing, witnessed, and signed by testator or someone acting on their behalf
Who may witness
Anyone generally competent. An interested party can still be a witness
Holographic will
A will otherwise not in compliance is valid where handwritten. Also a way of saying a handwritten will. Must be testator’s handwriting
Testamentary Obsolescence
Intervening occurrences render the will less adapted to testator’s circumstances after a lapse of time between execution of the will and the testator’s death.
Advancements
Lifetime gifts deducted from will. UPC presumes against unless acknowledged in writing
Law of Satisfaction
Courts presume gifts of money from parents to children following will’s execution are in satisfaction of legacies under the will. Modern rule is against satisfaction
Law of Satisfaction
Gifts of money from parents to children presumed in satisfaction of any legacies from will. Modern rule is to presume against
Classification of Will Gifts: 4 Types
Specific: identified, such as an oak desk or $5,000 from my Ascend savings account
Demonstrative: comes from specific source at first but then from estate generally
General: doesn’t specify source
Residuary: everything else
Lapse
Donee predeceases testator and will does not change. Will either pass under residuary clause or, lacking one, be determined by the laws of intestate succession
Escheat
Property passes to the state. Only happens when there is no one else it can pass to
Issue
Lineal descendant
