Wills & Estates Flashcards
order in which paid out
- Administrative expenses
- Last medical expenses and funeral expenses
- Family allowance
- Tax claims
- Secured claims
- Judgments against the decedent
- All other claims
How does a decedent’s estate pass according to the parentelic approach?
Under this approach, a decedent’s estate would first pass to the decedent’s parents and their issue; if there are none, then to the decedent’s grandparents and their issue, and so on.
What is the Dependent Relative Revocation (DRR) Rule?
DRR allows a court to disregard a testator’s revocation that was based on a mistake of law or fact that would not have been made but for that mistake. The testator’s last effective will, prior to the set-aside revocation, will once again control his estate.
What kind of will is generally valid only for the disposition of personal property in contemplation of immediate death?
Nuncupative (oral) wills
These wills are invalid under the UPC and most states. Where valid, they require at least two witnesses, can devise only a limited amount of personal property, and may require that the testator die within a prescribed period after making the oral will.
What is a supplement to a will that alters, amends, or modifies the will, rather than replacing it?
codicil
What are the requirements for an interntaional will?
- In writing
- Signed
- Witnessed by two individuals
- Witnessed by a third person who is authorized to act in connection with international wills and who must prepare a certificate to attach to the will.
What are the three ways a will may be wholly or partially revoked?
- Subsequent writings
- Physical destruction of the will
- Operation of law
Under common law, what happened to a devise when the recipient beneficiary died before the testator?
The gift failed and went to the residue, unless the will provided for an alternate disposition.
What is the order gifts are abated (reducing gifts in a will to pay off debts), unless otherwise specified in the will?
- Intestate property
- Residuary bequests
- General bequests
- Specific bequests
What are the formal execution requirements for a valid will?
- A writing
- Signed
- Present testamentary intent
- Joint presence of two witnesses
- Witnesses understand the significance of the testator’s act
- Witnesses understand that the will has no legal effect until after the testator’s death
What is the difference between a duplicate and copy in terms of lost wills?
Duplicate: one of two copies of the same will executed in the same manner, each complying with the same formalities. This may be admitted to probate.
Copy: like a photocopy, cannot itself be admitted to probate, although it may be used as proof of testamentary intent.
How does the revocation of a will differ from the revocation of a codicil?
Revocation of a will revokes all codicils thereto, whereas revocation of a codicil does not revoke a will, but rather revives it.
How are patent and latent ambiguities in a will resolved, and what happens if they cannot be resolved?
Patent and latent ambiguities may both be resolved by extrinsic evidence. If the ambiguity cannot be resolved, then the gift in question becomes part of the residue.
When two individuals die at the same time and there is no evidence as to who actually died first, what act is applied, and what is the result?
The Uniform Simultaneous Death Act (USDA) provides that when there is insufficient evidence of the order of death of two individuals, the property of each passes as though the other individual predeceased him.
Note: this act only applies when there is no instrument to state otherwise.
Would the following gift be classified as specific, general, demonstrative, or residuary:
“$50,000 to Wesley from my Checking Account, but if funds are not sufficient, then the rest paid out of general funds.”
Demonstrative.
A testator intended that a demonstrative legacy be paid from a particular source, but if that source is insufficient, then the testator directs that the legacy be satisfied out of the general assets of the estate.
What are the requirements for a will incorporating by reference another writing not executed with testamentary formalities?
The other writing must:
1. Exist at the time the will was executed,
2. Be intended to be incorporated, and
3. Be described in the will with sufficient certainty so as to permit its identification.
If a gift is adeemed (to revoke or withdraw a bequest because the bequeathed assets no longer belong to the testator at the time of their death), what is the beneficiary entitled to?
i. Whatever is left of the specifically devised property,
ii. The balance of the purchase price owing from the purchaser of the property,
iii. Any amount of condemnation award for the taking of the property, to the extent unpaid upon death, or
iv. Property acquired from the foreclosure of a security interest on a specifically devised note.