Interpretation of will Flashcards
How are gifts in wills treated in relation to the testator’s death?
Gifts are treated as if they were given at the moment of death. A gift of “my [object]” is considered to be the object the testator has at the date of death unless a contrary intention is shown.
What are the 4 categories of gifts in wills?
1.Specific Legacy: A gift of a specific item (e.g., “my engagement ring”). If the item is not in the estate at death, the gift fails (adeems).
What are the 4 categories of gifts in wills?
2.General Legacy: A gift that doesn’t specify an item (e.g., “a BMW 3 series car”). The specific item need not be in the estate.
What are the 4 categories of gifts in wills?
3.Pecuniary Legacy: A gift of cash.
What are the 4 categories of gifts in wills?
4.Residuary Legacy: A gift of everything left after all specific, general, and pecuniary gifts and expenses are settled.
What happens if a beneficiary dies before the testator?
The gift will lapse unless a different recipient was named. If the residuary gift lapses, it will pass through intestacy laws. If two people die simultaneously, the younger is deemed to have survived the elder (law of commorientes). Gifts to the issue of the testator (e.g., children or grandchildren) will go to the living issue if the original beneficiary dies but leaves living issue.
What happens if a gift is made to a witness of the will?
The will is valid, but the gift to the witness fails unless there are two additional witnesses who are not beneficiaries.
How are children treated in a gift in a will?
Gifts to someone’s children include legitimate, illegitimate, and adopted children, but not stepchildren who are not adopted. If a gift to a class of beneficiaries is contingent on a condition (e.g., reaching a certain age), the class closes when the first member reaches that age and satisfies the condition. The interest becomes vested and no longer contingent.
