Inherited Wealth and its Discontents Flashcards
1
Q
What is the difference between income and wealth?
A
Money you make versus the value of your assests minus debts/liabilities.
2
Q
Freedom of Disposition: What is the theory of the Dead Hand?
A
Testator controls the disposition of their property. William Blackstone says “nature protects only the living” Bractoh says “people get satisfaction out of giving property to others” Freedom of testation is a two-way street:” Testator’s power to give encourages beneficiaries to take care of them.
3
Q
Restricting Testamentary Freedom: Under what circumstances should the court intervene?
A
Imperfect formation, negative externalities, intergenerational equity
4
Q
What are alternatives to freedom of disposition?
A
Forced succession, confiscation by the State
5
Q
A
