Power to Transfer Flashcards
What is Pennsylvania’s “family exemption” for purposes of assessing spousal support?
Under the family exemption, a surviving spouse, child of the household, or–if neither–the decendent’s parents if living in the household can claim up to $3,500 that is not subject to a specific bequest
When may a surviving spouse take an elective share?
Within the later of six months of the decedent’s death or date of probate
What may a surviving spouse claim by taking an elective share?
One third of the decedent’s estate
What does the electing spouse waive when taking an elective share?
- Intestate property;
- Property in trusts;
- Proceeds of insurance, annuities, and profit sharing plans; or
- Intangible or real property held by the decedent with a right to survivorship
Can the surviving spouse set aside inter vivos transfers by her spouse?
Yes, if within one year of his death
Can a surviving spouse waive the right to an elective share?
Yes, if made in writing with fair disclosure
Can a surviving spouse waive the right to receive property from intestacy or a will?
Yes, if the waiver is objectively fair and reasonable and she had independent legal counsel
Are lifetime gifts to a child or next of kin presumed to be advancements from the intestate share?
No; in Pennsylvania only if so declared in writing or if acknowledged by the heir.
Note: no signature required
What is the “hotchpot” approach to advancements?
If a gift is treated as an advancement, then the value of the advancement is added back into the estate, and the estate is then divided by the number of children taking, with the advancement deducted from the total share of the devisee.
If the intervivos share exceeds the hotchpot share, the child does not take, but does not have to pay back into the estate
What presumption obtains if a testator has a child after executing a will but dies?
That the omission of the child was accidental
What share of the estate does an omitted child receive?
An amount equal to what the child would have received if the testator died intestate and unmarried and owning that portion of the estate not passing to a surviving spouse
When does the omitted child statute NOT apply?
If either:
- The omission was intentional; or
- The testator left the entire estate to his spouse
Does Pennsylvania limit charitable bequests?
No
How does Pennsylvania’s Slayer’s Act treat a homicide by a party who stands to inherit?
If the killing is an intentional and felonious, as though the killer predeceased the decedent
Can the issue of a killer inherit?
Yes
