Probate Flashcards
What are the key elements of a basic will?
Opening words identifying the testator, revocation clause, appointment of executors, gifts of property and attestation clause.
Why is it important to meet clients in person when taking instructions?
To assess testamentary capacity and obtain clear instructions.
What is a survivorship clause?
A provision requiring a beneficiary to survive the testator by a specified period in order to receive the gift.
What is a specific gift?
A gift of a particular item owned by the testator at the time of death.
What is a general gift?
A gift not tied to specific property that the testator may or may not own at death.
What is a demonstrative gift?
A gift of money expressed to be paid out of a specific fund.
What is a residuary gift?
A gift of the remainder of the estate after other gifts and debts are paid.
What is the purpose of including a trust for sale over residue?
To create a continuing trust of residue, often used for successive interests or gifts to minors.
What is the effect of WO s.23?
It saves a testamentary gift to the testator’s children or remoter issue from lapse when the intended beneficiary dies before the testator.
What is a precatory trust?
A wish or hope expressed by the testator that is not legally binding.
