25 terms

BUL3330 - Trusts and Decedent's Estates

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
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)
Gift of personal property
Gift of real property
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)
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
Common - revokes will executed prior to marriage; UPC - No
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
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)
changed circumstances render the specific gift impossible (land sold). Sometimes, if intent is there, court will modify (if land sold and new land bought)
UPC doesn't allow them (must be in writing!). usually only made under last illness, and limited to personal property (under 1000)
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)
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.