Will substitutes

Question 1

Types of substitutes

Answer 1

life insurance, joint tenancies/entirety, inter vivos trusts, deeds, contracts, inter vivos gifts,

Question 2

Powers of Appointment terminology

Answer 2

authority created in a person (donee) to designate, prescribed by the creator of the power (donor), the person who will take property and the manner in which they will take it.

Question 3

General v Special

Answer 3

General- excercisable in favor of donee herself

Special- exercisable in favor of a specified class of persons

Question 4

Present v testamentary

Answer 4

Presently- exercisable during her lifetime

Testamentary- only by donee’s will

Question 5

Powers

Answer 5

Donee takes direct title; not delegable; creditors can reach property subject to present power but not to testamentary power unless donee is also the donor

Question 6

Exclusive v non exclusive

Answer 6

special is exclusive- exercised in favor of some objects - may appoint to some objects but not to others

non exclusive- must be exercised in favor of all appointees

Creditors can’t reach property subject to special power

Question 7

RAP and powers of appointment

Answer 7

Presently general- RAP applies

Special and testamentary powers- may go beyond perpetuities period unless it is given to an unborn person