Overview

Question 1

What is the source of law for wills?

Answer 1

• It is state specific
• purpose is to facilitate the disposal of property
  
  • think about what people want
• NY it is Estates, Powers and Trust Law

Question 2

What is a Will?

Answer 2

• A revocable written instrument that is effective only on the testator’s death
• operate only on death
  
  • they are ambulatory
    
    • meaning changed at any time

Question 3

What does a Will do?

Answer 3

• disposes of property;
  
  • all property own who right to give away
• states how property should not be disposed of;
• exercises a power the testator might have;
• appoints an executor;
• directs the treatment of the decedent’s remains; OR
• revokes partial or entirely a prior testamentary document

Question 4

What is a codicil?

Answer 4

• A suuplement to a willo that:
  
  • adds to;
  • alters;
  • partial revokes; OR
  • partially or fully confirms an earlier Will by republication
• Ir CANNOT complete revoke a Will, BUT CAN partially revoke & replace a single provision

Question 5

Who is a testator?

Answer 5

• A person who makes a Will or other testamentary instruments

Question 6

What is an executor?

Answer 6

• A personal representative of the estate
• Appointed by the Will
• Responsible for carrying out the provision of the Will
• protecting the estate

Question 7

What is an administrator?

Answer 7

• Personal representative if the Will does not name anyone or the decendent died intestate (w/o a Will)

Question 8

Who are beneficiaries?

Answer 8

• Anybody who receives something through a Will
• In NY - Any taker under a Will
• To any:
  
  • person
  • legal entity
  • states, counties
  • BUT CANNOT leave directly to an animal

Question 9

What is a negative Will?

Answer 9

• A valid testamentary instrument that does nothing other than disinherit someone

Question 10

What is non-probate property?

Answer 10

• Any type of property that passes automatically to a successor on the woner’s death AND
• is uneffected by Wulls or rules on intestate succession
• EXAMPLES:
  
  • life insurance
  • Pay on death accounts
  • Real property held as joint tenants with right of survivorship
  • Pensions only if they have a survivorship clause

Question 11

What is probate property?

Answer 11

• Everything else that the decendent owns
• Passes by the terms of the Will or intestate succession