BUL3330 - Trusts and Decedent's Estates

Created by joshman_i_am 

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Inter Vivos Trust

Trust established during the settlor's lifetime

Precatory Expression

imposes a trust if court concludes that words such as 'hope, request, rely' illustrates intent of x to give a benefit to y

Spendthrift Trust

provision in the trust instrument that removes it from beneficiary's control (thus preventing beneficiary's creditors' from seizing it). Once they receive income, it can be seized. The beneficiary cannot assign the rights to someone else (creditor)

Totten Trust

a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime

Implied Trust

(operation of law) constructive and resulting

Constructive Trust

a trust created by a court (regardless of the intent of the parties) to benefit a party that has been wrongfully deprived of its rights (agent makes a profit, the profit is held for principal) - more about rectifying misconduct than doing what was intended

Resulting Trust

a trust created by a court when it is judged that it was the intention of the parties to create a trust

Remainderman

one entitled to an estate when rights to a precedent estate have expired (they don't necessarily have to die: income from property goes to income beneficiary; sale of it goes to remainderman)

Bequest

Gift of personal property

Devise

Gift of real property

Attestation

must have two witnesses to the signing or acknowledgment of the will; must not be 'interested' parties (but if they are 'interested', they can be -under some laws-voided as beneficiary)

Revocation

subsequent will doesn't always revoke past wills. must have language in it specifically revoking prior wills. otherwise, parts that aren't consistent with the new will may be revoked

Marriage

Common - revokes will executed prior to marriage; UPC - No

Divorce

Common - No; UPC - no, but revokes benefits to former spouse

Birth of child

Common - revoke as far as child is concerned if omitted by accident; UPC - no unless omission was intentional

Abatement

pays specific gifts first; then pays general, then residue. can be bad if will wasn't changed in a while (still pays specific, but remainder is smaller or nothing)

Ademption

changed circumstances render the specific gift impossible (land sold). Sometimes, if intent is there, court will modify (if land sold and new land bought)

Noncupative

UPC doesn't allow them (must be in writing!). usually only made under last illness, and limited to personal property (under 1000)

Holographic

written will entirely by testator is valid even if not witnessed (only half of jurisdictions)

Soldier's and Sailor's Will

while they are away, they can make an oral will (but usually it cannot pass real estate)

Codicil

revises prior will (or explains)

Per Stirpes

Heirs divide equally share ancestor would have recieved

Per Capita

When all decendants (regardless of generation) get an equal share ...per person

Parent's share

intestate decedent's parent's weren't allowed anything under common law. Today, they are the last on the list

UPC intestate succession

all surviving children are children of decedent and spouse is there, spouse gets everything. no decendents but a spouse and parents: spouse gets 200k and 3/4. if descendants are not children of spouse, spouse gets first 100k and half.

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