MEE - Bar Exam Drills Flashcards
Valid Will:
In order to have a valid will you must have a testator making the will with intent, two witnesses, and have the capacity to make the will.
Capacity:
Capacity is defined at the time that the will is created, and not throughout the life of the testator. The insane delusion rule is designed to prevent a testator from making a significant decision as a result of the delusions.
Line of Succession:
The surviving relatives that have standing to contest a will are those who would benefit if the testator was to die intestate.
When a person dies intestate, their heirs who will receive property are limited to the next line of children. If one of the children predeceases the deceased, then their heirs will take their place.
Stock:
Under common law, any stock increase due to dividends was not entitled to distribution to the beneficiary.
However, the UPC allows the beneficiaries to received the increased in stock as a result of dividends payout.
Home - Mortgage:
Under the UPC, the beneficiaries are bound to any mortgage on the payments of property and impliedly assume the mortgages by accepting the devise.
A general devise is one that is payable out of the assets of the will and not distinguishable against the other assets.
Specific Devise:
A specific devise is a devise of a gift that is able to be uniquely separated from among the Testator’s assets.
Abatement:
Abatement will occur when the item is no longer an asset of the estate.
Under the UPC, where an item has been adeemed by the beneficiary may receive any insurance funds that the testator received from a casualty-loss claim.
Advancement:
Under the UPC, for an advancement to be valid, it must be evidenced by written intent at the time the gift was made.
