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wills and trusts > W&T post midterm > Flashcards

W&T post midterm Flashcards

1
Q

exoneration

A

delivered with encumbrance

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2
Q

credit card debts

A

are general debts of decedent paid by the residuary

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3
Q

Set off

A

F’s share off set by money he borrowed.

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4
Q

more bills than we have assets

A

abate the entire estate

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5
Q

Will I want my entire 25 first cousins to inherit my estate (to my heirs)

A

25 first cousins didn’t get anything the aunt who was first in line to get the estate.

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6
Q

to 25 cousins

A

create class gift - distribute my estate equally to those her are my first cousins alive at my death - go to table of consanguinity and those alive who fit description get the money.

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7
Q

General designation

A

fall back to rules of intestacy

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8
Q

per capita

c1 c2 c3(x)-(1) c4(x)-(4)

A

create groups at each generation
1/2 alive kids 1/2 dead kids
Instead of flow through 4 kids would share the other 1/2 of estate (1/8)

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9
Q

per stirpes

A

only involves lineal decendents (kids and issue)

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10
Q

per stirpes - parent predeceases c1 c2 c3(x)-(1) c4(x)-(4)

A

c1 (1/4) c2 (1/4) c3 (1/4) c4 (1/12 3 ways)

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11
Q

if says per capita or per stripes =

A

distribute per stirpes if confusion in document

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12
Q

per capita/per stirpes

A

not fall back mechanisms only if will says

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13
Q

Lapse

A

sister doesn’t survive that 100k falls out of the will and lapses to intestacy

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14
Q

anti-lapse statute

A

if designated beneficiary is kindred of decedent. She is kindred because she is sibling kindred of testator or kindred of testator’s spouse. relationship by blood or marriage, if kindred then if s1’s issue would take her 100k. who her issue are? create parent child relationship
create lineal decdency map for s1

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15
Q

class gift

A 
if kindred - then your issue can take 1/19 th share. 
won't add people to the class just have issue take.
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16
Q

Is it a class gift

A

group of people big amount
(aggregate amount)
do we apply rules of anti-lapse?
share between abcd - share and share alike = argue it is a class gift opposed to =
- 20 to ABCDE (5 individual general pecuniary gifts)

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17
Q

apply anti lapse does not apply to class gift when

A 
SHARE AND SHARE ALIKE or to the SURVIVORS THEREOF  = alternate beneficiaries (anti lapse does not apply)
= abcde - argue class gift
that language = class gift anti lapse statutes do not apply
kindred - apply to issue
wasn't kindred - 20k into redsiduary for distribution.
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18
Q

class gift

A

class gift to those who are alive at the death of the testator (clear as to what their client wants)

  • want kids to get = any class members die their issue takes their class gift instead
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19
Q

anti lapse

A

if boilerplate doesn’t override anti lapse

  • disinherit don’t apply anti lapse statutes = override
  • anti lapse is out
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20
Q

trust

A

not subject to probate - non probate transfer mechanism

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21
Q

beneficiary under life insurance policy

A

life insurance contract beneficiary designation

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22
Q

divorce

A

automatically terminated on divorce

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23
Q

ERISA protected account

A

divorcing - retirement accounts

protected under ERISA

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24
Q

QUADROS

A

qualified domestic orders - not to

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25
Q

retirement accounts are a community property interest

A

ERISA problem

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26
Q

ITF

A

in trust for

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27
Q

open bank account ITF

A

gma creates account distributes 10k to nice when turns 21. Granny ITF niece when turns 21.

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28
Q

TOD

A

transfer on death (stocks, bond, vehicle, etc. ) DMV recognizes TOD - title to transfer to a person.

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29
Q

bank accounts

A

pay on death

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30
Q

POD cancel right now!

A

because some things won’t happen automatically.

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31
Q

merger

A

ma and pa appoint as trustees and beneficiaries problem with doctrine of merger - no trust because no diving up of the assets

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32
Q

valid trust

A

trust property - something for trustee to manage and beneficiary to receive

33
Q

valid trust

A
  1. trustor’s intent

2. look at trust itself for statement of intent

34
Q

deed signed

A

valid transfer of ownership

- CA no one on notice that transfer occurred because no one knows about it.

35
Q

acquire intellectual property right

A

present transfer of a future interest

36
Q

acertainable beneficiaries

A

no way to ascertain who trustees are.
authority under probate code to designate someone to distribute assets based on a standard set by trustor or dicrestion of trustee. Court now a days can give trustees the discretion.

37
Q

absolute discretion who friend are and which assets go to which friends

A

makes it hard for trustee. not so much room for litigation.

38
Q

determine beneficiaries

A

power of appointment

39
Q

trust says 100k a yr. to son on his death distribute equally to grandsons

A

reasonable purpose inferred = life estate for son and remainder distribution for grandchildren

40
Q

purposes in violation of public policy

A

strings attached to distributions. challenges: viable language attaching strings to trust distributions based on substance abuse issues by potential beneifciary

41
Q

dead hand of the trust

A

control behavior of future generations. TJ was opposed to trusts. no strings attached to money let future generations decide what to do with it.

42
Q

the kid is druggy

A

difficult to establish standards = interim texting, lapse in drug treatment disabilities
- not annually test quarterly. clean test = good distribution. Careful if try to change perosnal habit or conduct to punitive or invasive of manner may violate public policy

43
Q

invasive prohibitive drugs

A

no public policy to support drug abuse

44
Q

policies encourage divorce, discourage marriage

A

against public policy

45
Q

powers of appointment

A

h & w joint plan in mind for assets. all assets for benefit of h & w lifetime beneficiaries. no merger problems. death of h, w continues to be life beneficiary. agreed how assets distributed. trust give power of appointment (donors) creators/trustor ability to agree that someone else can not change trust but redirect trust assets other than those listed in the trust itself. midcourse correction. built in so parents can go with the flow. after h dies w can’t make changes to will. w makes change when h is gone by power of appointment

46
Q

donor

A

created the trust

47
Q

donee

A

power to exercise the change

48
Q

appointee

A

the person to whom the assets can be redirected

49
Q

appointed property

A

which assets in the trust being subject to redirected.

50
Q

Capacity

A

18 years of age, of sound mind

51
Q

broader standard in CA

A

discretion to pick beneficiaries

52
Q

power of appointment

A

do not know who beneficiaries are til w dies, wait to see if she exercieses

53
Q

exercise it

A

power of appointment

54
Q

power of appointment to children

A

children, grandchildren = successive powers of appointment.

problem = how distribute truest if don’t know if power of appointment ever expires.

55
Q

corporations own land for centuries

A

bd. of directors - have power to sell corporate assets. freely alienable. bd. chose not to do so. as long as people to make decision to sell all not a problem.

56
Q

s gets 10k a year until exhausted or she dies. if not exhausted her issue divide for their lifetime or until funds exhausted or until her issue die. her children children.

A

5 generations. s pay indefinitely 10k year. 50k a yr. pay 10k to s, see trust going on forever. S gets life estate and issue until get to 90 yr. mark. then distribute assets pro rata to those in line to share in annual distribution

57
Q

transfer rights in trust if

A

named in trust and vested and is there a spend thrift clause

58
Q

vested

A

dad dies

59
Q

creditors can get what he is entitled to in the trust

A

distribution

60
Q

spend thrift provisions

A

beneficiaries interest is not freely alienable.
even if cali assignment then can’t recognize the assignment because of the spendthrift clause.
obligation under the trust is to mail the check directly to freddy.

61
Q

creditors

A

can’t go after the trust

62
Q

have to do

A

what the trust says

63
Q

victims of felons

A

if trust has trust benefits accruing to him. Go to DA and have deal put together as a felony restitution order.

64
Q

bundle into felony proceeding with restitution order

A

h

65
Q

public governmental benefits

A

j

66
Q

personal property

A

ambulatory, moves wherever client goes

67
Q

Is a accelerated when there is a disclaimer of life estate?

A

yes

68
Q

contrary trust provisions prohibiting? or other trust purposes equal to the income distribution to the beneficiary

A

intent of the trustor not only to provide LE to child but to defer distribution to grandchildren until they were older.
secondary purpose - LE and delayed distribution .
then remainder of trust won’t accelerate because there’s other things the trust has to do.

69
Q

whether should or shouldn’t trigger the acceleration of the remainder =

A

the spendthrift clause to protect beneficiaries from themselves or lenders.
seized by gc creditors - spendthrift clause says don’t let creditors get it

70
Q

don’t receive

A

until acceleration of LE or at least 21 yrs. old

71
Q

valid trust

A

trust property
evidence trust property = change trust title
ma and pa of ma and pa trust
revoke trust and retitle the assets, take out of trust.
revoke as it relates to all properties

72
Q

multiple settlers

A

adding property to trust, can take the property out

73
Q

wife adds her sep. property and her half of cp

A

free to alter as far as what they added to it

74
Q

pa dies

A

his portion becomes irrevocable

75
Q

trust start out revocable by presumption or stated terms

A

become revocable when person can no longer exercise it

  • death
  • incapacitated
76
Q

trust start out revocable by presumption or stated terms

A

become revocable when person can no longer exercise it

  • death
  • incapacitated - no longer competent to exercise a right
77
Q

family home

A

shouldn’t put in irrevocable trust. significant asset in terms of stand alone value - room to maneuver.

78
Q

dog bit ear off and put house in irrevocable trust so they wouldn’t lose it

A

asset protection = insurance not trust.

79
Q

exceptions

A

small trust $ value 40k or less in terms of the value of the assets in the trust, then trust is uneconomical to operate = trust fees, an account fees (stuff to manage the money costs more than income generated by the 40k)

wills and trusts (4 decks)

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