Wills - Video 4 Flashcards
Who is a decedent?
The deceased
The deceased. The person who died.
Decedent
What is a will?
An instrument or declaration by which one directs the disposition of one’s property after death.
An instrument or declaration by which one directs the disposition of one’s property after death.
Will
The writing in which you dictate how you want your property distributed and to whom when you die.
Will
Who is the testator (testatrix)?
The person who died who is making the will.
The person who died who is making the will.
Testator (testatrix)
What is a codicil?
A supplement to a will that adds or deletes provisions or otherwise changes a will.
A supplement to a will that adds or delete provisions or otherwise changes a will.
Codicil
What does “testate (testacy)” mean?
You died with a will.
You died with a will.
Testate (testacy)
What does “intestacy (intestate succession)” mean?
You died without a will
You died without a will
Intestacy (intestate succession)
What is “partial intestacy”?
When you died, your will only distributed part of your estate.
When you died, your will only distributed part of your estate.
Partial intestacy
When would partial intestacy occur?
When a provision is declared invalid, or the will failed to cover all of the property.
When a provision is declared invalid, or the will failed to cover all of the property.
Partial intestacy
How can intestacy or partial intestacy be avoided?
Include a residuary clause in the will
You should include a residuary clause in the will to avoid what?
intestacy or partial intestacy
True or False – A codicil is a handwritten will.
Answer: False A codicil is more like an amendment to a will. A handwritten will is called a holographic will.
What is a devise?
Verb:
Noun:
Verb- to dispose of property by will
noun- or a testamentary disposition of real or personal property
What is bequest?
means the same as devise, but was historically used for personal property.
Means the same as devise, but was historically used for personal property.
Bequest
To dispose of property by will
devise (verb)
A testamentary disposition of real or personal property.
Devise (noun)
________ was used for real property meaning land and ______ was for personal property meaning stuff.
devise
bequest
What is a legacy?
Same as bequest
(A direction in a will, a gift that is made of the decedent’s property to someone.)
Same as bequest
(A direction in a will, a gift that is made of the decedent’s property to someone.)
Legacy
Who is a devisee?
A person designated under a will to receive a devise.
A person designated under a will to receive a devise.
Devisee
True or False - A residuary clause can help the decadent avoid partial intestacy.
true
Who is an heir?
A person entitled to another person’s real property under intestate succession (includes the surviving spouse or the state.)
A person entitled to another person’s real property under intestate succession (includes the surviving spouse or the state.)
Heir
How long must one survive the decedent to be an heir?
Must survive the decedent by 120 hours - UPC 2-104(1)
UPC stands for what?
Uniform Probate Code
Must an “heir” be born at the time of the decedent’s death?
An individual in gestation at a particular time is treated as living at that time if the individual lives 120 hours or more after birth - UPC 2-104(2)
May a will contain a provision expressly disinheriting an heir (i.e., a negative will)?
Yes – UPC 2-101(2)
Why would anyone need a negative will in the first place?
To exclude or limit the right of an individual or class to succeed to property of the decedent that passes through intestate succession
What does a “probate” mean?
The process of proving a will or having it declared valid and effective following the death of a testator.
Who is a “personal representative”?
An executor, administrator, or the like
What is an “estate”?
The property of the decedent (the person who died)
The process of proving a will or having it declared valid and effective following the death of a testator.
Probate
An executor, administrator, or the like
Personal representative
The property of the decedent (the person who died)
Estate
What is a “net estate” or “distributable estate”?
The gross estate less the deduction allowed
The gross estate less the deduction allowed
Net Estate
Probate will cover intestacy proceedings as well.
True or False
True
JTWROS
Joint-tenants with right of survivorship
Assuming joint owner survives decedent
JTWROS
Assuming spouse survives decedent
Tenants by entirety
Tenants by entirety
(assuming spouse survives decedent)
___________ _________ includes things like property that is owned jointly.
Non-probate estate
lets say that my sister and I own a piece of property with JTWROS, let’s say that I pre-decease my sister, so I die first. and she gets that property outright. She doesn’t have to take it through the probate estate, she just becomes the sole owner of it at my death because of that right of survivorship has kicked in.
True or False
true
Tenancy by the entirety can only be had by _________ people.
married
Let’s say spouse and spouse are married and they own property together as tenants by the entirety. One spouse dies and the other survives.the surviving spouse will become the sole owner of that property. It doesn’t have to go through probate it just operates through the right of survivorship.
True or False
true
Can Gifts causa morti pass without going through the probate state?
True
Assets that are not part of the Estate:
1.
2.
- Gifts made inter-vivos (during life)
- Irrevocable living trust (treated like a gift)
There are other will substitutes as well. Things that can convey your assets that do it at your death but aren’t wills.
For example
1.
2.
3.
4.
- life insurance
- pension and retirement accounts
- joint bank accounts
- revocable trusts
UPC Requirements for Formal Will
UPC 2-502(a): [Witnessed or Notarized Wills.] Except as otherwise provided in subsection (b)…, a will must be:
In writing;
Signed by the testator or in the testator’s name by some other individual in the testator’s conscious presence and by the testator’s direction; and
Either:
Signed by at least two individuals, each of whom signed within a reasonable time after the individual witnessed either the singing of the will as described in paragraph (2) or the testator’s acknowledgement of that signature or acknowledgement of the will; or
Acknowledged by the testator before a notary public or other individual authorized by law to take acknowledgements.
True or False
True
UPC Requirements for Formal Will
UPC 2-502(a): [Witnessed or Notarized Wills.] Except as otherwise provided in subsection (b)…, a will must be:
1.
In writing
UPC Requirements for Formal Will
UPC 2-502(a): [Witnessed or Notarized Wills.] Except as otherwise provided in subsection (b)…, a will must be:
2.
- Signed by the testator or in the testator’s name by some other individual in the testator’s conscious presence and by the testator’s direction; and
UPC Requirements for Formal Will
UPC 2-502(a): [Witnessed or Notarized Wills.] Except as otherwise provided in subsection (b)…, a will must be:
Either:
3. (a)
Signed by at least two individuals, each of whom signed within a reasonable time after the individual witnessed either the singing of the will as described in paragraph (2) or the testator’s acknowledgement of that signature or acknowledgement of the will; or
UPC Requirements for Formal Will
UPC 2-502(a): [Witnessed or Notarized Wills.] Except as otherwise provided in subsection (b)…, a will must be:
Either:
3. (b)
Acknowledged by the testator before a notary public or other individual authorized by law to take acknowledgements.
Witnesses
UPC 2-505: Who May Witness.
An individual generally competent to be a witness may act as a witness to a will.
The signing of a will by an interested witness does not invalidate the will or any provision of it.
True or False
True
True of False - To be an heir, someone must survive the decedent by 48 hours.
False. 120 hours.
