Wills Flashcards
Personal Representative Removal by Court?
Physical or mental incapacity which renders PR unable to administer will. Court can appoint new personal representative
Becoming a partner?
To become a partner, a person must secure the consent of all of the existing partners. There is no requirement that a new partner accept personal liability for existing partnership obligations.
Who takes intestate estate Wife, child, or both?
If the decedent is survived by one or more descendants, all of whom are also descendants of the surviving spouse, and the surviving spouse has no other descendants, then the entire estate of the decedent passes to the surviving spouse
Is a will that is enforceable in another state that does not conform with Florida law enforceable in Florida?
Yes, A will in any state other than Florida may be admissible to probate in Florida if i) the testator is a nonresident of Florida at the time of the will’s execution, and ii) the will was validly executed under the laws of the state in which the testator was at the time of the will’s execution, even if the will would not have been valid under Florida law at the time of the exectution
Liability of General Partners
Another partner can recover against a general partner, and also a recently converted limited partner w/i 90 days if new partner reasonably believed that newly converted partner was a general partner.
Does a personal representative have to consult with the beneficiaries before selling assets?
No, a PR is not required to seek independent investigation before selling assets or approval from the beneficiaries to sell assets; however, they are required to act prudently in the administration of the estate.
What percentages from intestate: Spouse, 2 children from other marriage?
50 to the spouse, 25 to each kid.
If there are both a surviving spouse and lineal descendants who are not lineal descendants of the surviving spouse, the spouse receives one-half of the intestate’s estate and the descendants receive the other half.
Division of estate by half-bloods - sister dies leaving blood brother and half-blood brother. Who gets what?
Half blood gets 1/3, full gets 2/3
If property descends to the collateral kindred of the intestate and some of the collateral kindred are of the whole blood and some are of the half-blood to the intestate, the kindred of the half-blood will inherit half of what the kindred of the whole blood would inherit.
Adopted child’s rights to intestate succession?
No rights to birth, rights to adoptive as if by birth
What passes through probate automatically?
Property titled in joint tenancy, joint bank accounts, life insurance policies with a beneficiary, inter vivos gifts
Who has standing to contest the probate of the will?
The only parties with standing to contest the probate of a will are parties who would financially benefit if successful, generally, the decedent’s heirs at law.
What happens when beneficiary dies before testator (lapses)?
The gift lapses and goes into the residuary unless otherwise provided by the will
Joint Personal Representatives: Must all concur on acts related to administration of the estate?
No, only a majority of the joint personal represntatives are required to take action on an estate (unless will is executed prior to 1988)
Assets may be sold to pay off creditors only in certain circumstances
PR’s are not required to follow the advice of experts
Demonstrative devise =
a pecuniary gift that identifies a particular fund or asset as the source of payment.
Specific devise =
gift of property that can be distinguished with reasonable accuracy from other property that is part of the testator’s estate.
General devise =
gift of personal property that the testator intends to be satisfied from the general assets of his estate.
Residual devise =
devise of the estate remaining when all claims against the estate and all specific, general, and demonstative devises have been satisfied
Where does gift go if beneficiary dies before the testator?
The gift lapses and passes through intestacy unless there is a residuary clause
Per stirpes distribution
When someone dies without a will the division of the decedent’s estate is made at the first generational level even if that level has no takers