Wills & Trusts Flashcards
Executor Duties
The executor of the will has a responsibility to make a distribution under a will after all appropriate expenses are paid. The executor must make a record of applicable accounting to distribute. The executor is also personally responsible for any inaccuracies or subsequent deficiencies.
Validity of a Will > Testator’s Competency
In order for a will to be valid, a testamentary instrument must have been created <> and <>
There is a rebuttable presumption that the testator is competent at the time of his will execution.
It is the will contestant who has the burden of overcoming this presumption.
In order to show this, the person contesting the will can provide evidence of the testator’s conduct before and after the will execution.
A testator statements are admissible to determine competency.
The level of confidence required to execute a valid will is very low, and idiosyncrasies and I behavior are usually insufficient to constitute incompetence.
A testator must have sufficient mental capacity to be able to:
(1) understand the nature and extent of his property;
(2) understand and identify the natural objects of his bounty;
(3) understand the nature of a testamentary act and of the particular dispositions being made; and
(4) understand how these elements relate to create an orderly plan for his property disposition at the time of his death.
