Wills Flashcards
How can insurance policy holder change a beneficiary
Life insurance policy proceeds payable to named beneficiaries can be changed without obtaining beneficiary’s consent so long as owner of policy adheres to procedures specified in the insurance contract
Can a life insurance policy beneficiary be changed by will?
Unless expressly allowed by the life insurance contract, generally life insurance beneficiaries can’t be changed by devise in will of policy-holder. A minority of states allows the beneficiary of such a policy to be changed by will.
What is required for a document to be incorporated by reference?
-Writing must exist at the time will was executed (some states recognize right of testator to dispose of tangible personal property by signed memo regardless of whether prepared before or after execution of will)
-Will must describe writing with sufficient particularity to identify the writing
-memo does NOT need to be executed with testamentary formalities
When does a devise lapse
Devise lapses if beneficiary does not survive testator
What happens to lapsed devises
Common law: lapsed devises fall into residue of estate
Anti-lapse statutes: allows pre-deceasing beneficiary that’s related both by blood to testator within specified degree of relationship, and who had issue surviving testator to have their issue take the devise intended for beneficiary (generally would not save bequest to pre-deceasing spouse)
Order of abatement
-Unless testator specifies a different abatement scheme, assets abate in following order
1. residuary bequests
2. general bequests (including those of fixed dollar amounts)
3. specific bequests (identifiable property)
-abatement within each category is pro-rata
Impact of premarital agreement on rights to share of estates upon death or divorce
Premarital agreements in which spouses waive rights to shares of each others assets upon death or divorce are valid, but do not bar parties from making subsequent gifts or bequests to each other
What is impact of divorce on bequests in will
Provisions of will in favor of or relating to former spouse become ineffective for all purposes, unless it’s clear from will that provisions were intended to survive a divorce
What is impact of impending divorce of bequests in will
Decree of seperation that doesn’t terminate the status of couple as married is not a divorce and thus will not remove bequests
What is impact of impending divorce of bequests in will
Decree of separation that doesn’t terminate the status of couple as married is not a divorce and thus will not terminate bequests
What is impact of adoption on child’s right to their biological parents’ estate
Adopted child loses status as child of natural parents and thus will not inherit from them, nor they from the child
Minority of jurisdictions allow a child who is adopted out to a relative of the natural parent to still take from the natural parent.
What is impact of adoption on child’s right to adopted parent’s estate
After adoption child is treated as natural-born child of adoptive parents such taht child can inherit from and through adoptive parents, and adoptive parents can inherit from child
What is impact of adoption on child’s right to adopted parent’s estate
After adoption child is treated as natural-born child of adoptive parents such taht child can inherit from and through adoptive parents, and adoptive parents can inherit from child
How are personal representatives of estates chosen
-representatives may be selected by will
-if will is silent regarding representative, court typically appoints a person often the surviving spouse
What is common law rule regarding validity of testator’s will?
Under common law, the validity of a testator’s will is determined under the law of the state where the testator was domiciled at the time of their death
What is the UPC rule regarding validity of testator’s will?
Under the UPC, any will executed in compliance with the law of the jurisdiction where the testator was domiciled at the time of the execution of the will or at the time of death is validly executed
What is a conditional will?
