Things to remember Flashcards

1
Q

Wills - Specific bequest

A

One that is a gift of property that is particularly designed and is to be satisfied only by receipt of the particular property described

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2
Q

Wills

A

will operates on circumstance and properties as they exist at the time of the testator’s death

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3
Q

Wills - residuary estate

A

is teh balance of the testator’s property after all of the expenses / bequests have been made

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4
Q

Trusts

Failed trust

A

Will go into resulting trust for Settlor / Settlor’s estate (successors in interest presumed). if trust was created in will, nad htere was a named residuary, pass to that person

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5
Q

Trusts

Cy Pres

A

specific charitable purpose indicated by settlor no longer possible or practicable, and settlor manifested a general charitable intent
Court can direct property to be applied to another charitable purpose as close as possible to original one, rather than go into resulting trust

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6
Q

Trusts

anti-lapse statute

A

Most states apply anti-lapse statute only to testamentory gifts, but not for trusts. Only a few states provide that (e.g., future interest in a trust)

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7
Q

Trusts

Requirements for creating a will

A

Intent, capacity, ascertainable beneficiaries, (doesn’t need to be in writing unless land), identifiable corpus, valid purpose, delivered property to trustee
(trust isn’t created until corpus placed in), no merger (beneficiary same person as sole trustee)

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8
Q

Trusts

Settlor promise to create trust

A

Must manifest intent to create trust when assets come into existence (e.g., Trust was not validly created until proceeds were deposited into the account)

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9
Q

Trusts

Pour-Over

A

Prevailing view: trust may be established after the will is executed but before Testator’s death (CL, trust must be in existence at time of will execution)

Valid even if trust is unfunded or amended during Testator’s lifetime

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10
Q

ST

Fixture definition

A

Goods that are so related to real property that it comes part of it

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11
Q

secured fixture v subsequent real estate

A

SF > subsequent RE
Prior RE > SF, unless
PMSI perfected b/f goods because fixtures or within 20 days of affixation > prior RE

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12
Q

SE

Goods categories

A

Consumer goods (personal)
Equipment (used or bought for us in business)
Farm products
Inventory (goods held for sale or lease, and materials consumed in a business in a short period of time)

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13
Q

SE

Intangible goods

A

instruments (promissory note)
documents (warehouse receipt, bill of lading)
Chattel paper (record that evidenes monetary obligation and security interest)
investment property (stocks, bonds)
accounts (AR)
Deposit accounts (note, security interests only taken in nonconsumer + proceeds)
Commercial tort claim
General intangibles

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