trust and wills Flashcards
John Smith dies. He has no valid will. What happens to his property? Who gets it?
if there is no valid will then state intestacy laws determine who gets how much of John Smith’s estate.
We say someone died intestate meaning
without leaving a valid will.
If you want your estate divided according to your wishes upon your death then you need
to have a valid will.
A will is a
properly executed written instrument whereby a person makes a disposition of his property.
what has to be met to make a will valid
you check the state law.
are wills Revocable?
Yes
John has a will prepared leaving half his estate to his nephew. After the will is made John learns that his nephew is taking illegal drugs and decides to remove him from the will. Can John do that?
Yes. A will can be revoked at any time and the will takes effect only on the death of the testator (person making the will)
To make a valid will
testator must have mental capacity- testamentary capacity and power.
Testamentary capacity
for a will to be valid the testator must be sufficiently competent to intend the document to be his will.
A will that is the product of duress, undue influence, or fraud is
invalid and of no effect
Formal requirements
a will must be
In writing•Signed•Attested by witnesses
If you revoke a will
it’s best to tear it up and tear up the copies as well.
Probate court is the
court that has jurisdiction over estate of decedent (dead person).
Why would any person contest a will?
A person would try to have the judge declare the will invalid if in the will they receive less than what they had expected and they would get more under state intestacy law.
Steve Jobs dies. Probate law is state law. Where does his estate get probated?
The probate court of the state of his domicile will
