IN Wills Flashcards
1
Q
IN Wills
Spouses statutory share
A
- If spouse and descendants - spouse takes 1/2 of net estate
- If spouse is subsequent and descendants not hers, spouse 1/4 of FMV of real prop. and 1/2 of net per. prop. - rest to descendants
- If no descendants but parents - spouse 3/4 of net
- no parents, no descendants - Spouse 100%
2
Q
IN Wills
Intestate succession
A
- Issue take per capita w/ representation
- If no spouse or descendants - parents get 1/4 of entire, but divided equally between parents, bros, sises.
- if none, keep looking farther out
3
Q
IN Wills
Adopted children
A
- Treated as child
- If adopted after will, pretermitted
- considered lineal descendant
- descendancy of natural parents - cut off
- Step and foster - nothing
4
Q
IN Wills
Non-marital kids
A
- Mother yes
- father, must have established paternity
a. must have been done before or w/n 5 months after death
b. posthumus child can be established 11 months after death
1. father marries mother and acknowledges as his
2. execution of paternity affidavit
5
Q
IN Wills
IN simultaneous death
A
- ## Person’s estate passes as though he had survived the other decedents
6
Q
IN Wills
Disclaiming
A
- Passes as though disclaiming party predeceased decedent
- disclaimer must:
a. be in writing or record
b. state that it is a disclaimer
c. describe the interest or power being disclaimed
d. signed
e. delivered - Must be delivered w/n nine months of death to avoid federal gift tax. If too late they will consider it a gift from the disclaiming party
7
Q
IN Wills
Advancement type Gift
A
- Common Law – Treated all gifts to descendants was presumed to be an advancement of his intestate share, to be taken into account in distribution.
- Majority Rule – No advancement unless (no presumption).
1. Declared as such in a contemporaneous writing by the decedent.
2. Acknowledged as such in writing by the heir.
-
8
Q
IN Wills
Conditions
A
- May be condition to be operative
- May be express of intent or motive
- parole only allowed to show intent was not to have any effect at all
9
Q
IN Wills
Oral Wills
A
- IN recognizes if:
a. made while in imminent peril of death
b. died from the imminent peril - Limit - only for per. prop. up to $1k or $10k if testator active military in wartime
- To be effective
a. must be declared before 2 disinterested
b. must be reduced to writing w/n 30 days
c. submitted for probate w/n 6 mos after death - Does not revoke a written will
10
Q
IN Wills
Incorporation by reference
A
- Must be incorporated by reference, IN does not establish incorporation by extrinsic evidence such as stapled to will
- IN allows the list of personal property to be incorp. and it can be made before or after the will
11
Q
IN Wills
Acts of independent significance
A
- may dispose of property by referring to acts and events that have significance apart from their effect on dispositions by will
12
Q
IN Wills
Spouses not included
A
- Subsequent marriage does not affect will
- New spouse has elective share by statute
- Divorce after execution - revokes all to former spouse, rest good as though ex predeceased
13
Q
IN Wills
- Anti-Lapse Statutes
A
- Protects gifts to descendants of decedent
- Those gifts to descendants will not fail because of pre-death
- Exception - if contrary provision in will - condition of surviving, or goes elsewhere
14
Q
IN Wills
Mistakes
A
- Fraud in inducement or execution = can result in set aside of gifts
- Mistakes - not induced by fraud usually not set aside, unless
- mistake is obvious on the face of instrument.
- Extrinsic evidence allowed to cure ambiguity
15
Q
IN Wills
No-Contest clause
A
- In terrorem clauses void in IN
