Things to remember Flashcards
Wills - Specific bequest
One that is a gift of property that is particularly designed and is to be satisfied only by receipt of the particular property described
Wills
will operates on circumstance and properties as they exist at the time of the testator’s death
Wills - residuary estate
is teh balance of the testator’s property after all of the expenses / bequests have been made
Trusts
Failed trust
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
Trusts
Cy Pres
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
Trusts
anti-lapse statute
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)
Trusts
Requirements for creating a will
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)
Trusts
Settlor promise to create trust
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)
Trusts
Pour-Over
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
ST
Fixture definition
Goods that are so related to real property that it comes part of it
secured fixture v subsequent real estate
SF > subsequent RE
Prior RE > SF, unless
PMSI perfected b/f goods because fixtures or within 20 days of affixation > prior RE
SE
Goods categories
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)
SE
Intangible goods
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