Gifts/Wills

Question 1

Decedent

Answer 1

The deceased/dead person

Question 2

Will

Answer 2

Instrument or declaration by which one directs the disposition of one’s property after death

Question 3

Testator/testatrix

Answer 3

Person making the will

Question 4

Codicil

Answer 4

A supplement to a will adding or deleting/otherwise changing the will

Question 5

Testate

Answer 5

Died with will

Question 6

Intestate

Answer 6

Died without will

Question 7

Partial intestacy

Answer 7

Died with will but it did not direct all assets. Avoid via residuary clause

Question 8

Devise

Answer 8

Verb: to dispose of property by will
Noun: testamentary disposition of real or personal property

Question 9

Heir

Answer 9

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.

Question 10

UPC 2–101

Answer 10

Can make a negative will, which specifically excludes people from will

Question 11

Probate

Answer 11

Process of proving will or having it declared valid and effective following the death of testator

Question 12

Estate

Answer 12

Property of decedent

Question 13

UPC Requirements for Formal Will

Answer 13

Must be in writing, witnessed, and signed by testator or someone acting on their behalf

Question 14

Who may witness

Answer 14

Anyone generally competent. An interested party can still be a witness

Question 15

Holographic will

Answer 15

A will otherwise not in compliance is valid where handwritten. Also a way of saying a handwritten will. Must be testator’s handwriting

Question 16

Testamentary Obsolescence

Answer 16

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.

Question 17

Advancements

Answer 17

Lifetime gifts deducted from will. UPC presumes against unless acknowledged in writing

Question 18

Law of Satisfaction

Answer 18

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

Question 19

Law of Satisfaction

Answer 19

Gifts of money from parents to children presumed in satisfaction of any legacies from will. Modern rule is to presume against

Question 20

Classification of Will Gifts: 4 Types

Answer 20

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

Question 21

Lapse

Answer 21

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

Question 22

Escheat

Answer 22

Property passes to the state. Only happens when there is no one else it can pass to

Question 23

Issue

Answer 23

Lineal descendant