(Q4) Wills and Estates

Man that is making a will

Woman that is making a will

• An adult in most states who is of sound mind, understands the nature of their property, knows who their heirs are, and the consequences/outcome of the will

• Can not disinherit a spouse (they must receive at least their intestate share) • Can disinherit children but must affirmatively state particulars in the will (in most states) • Rule against perpetuitites: property must vest within 21 years of the date of death of the person

• Holographic • Noncupative • Codicil

A will that is written in the handwriting of the testator/testatrix - not recognized in all states

An oral will - can include dying declarations - must be witnessed and usually only applies to personal property (ex. soldiers’ or sailors’ will)

A witten amendement to a will

• Signature of the testator/testatrix in the presence of a witness • Number of witnesses depends on each state but usually requires 2 witnesses • Date of the will • Witnesses’ signatures in the presence of the testator and the presence of each other • Notary is not necessary in all states

• Destruction • Alteration • Marriage • Divorce • Later will • Afterborn or adopted children

A certain percentage of a gift is deducted to comply with terms of the will

If certain property is no longer owned by the testator at the time of death, the heir receives nothing

Court that administers and oversees the distribution of an estate

A gift of real property

The one that inherits the gift of real property

Gift of personal property

One who inherits personal property

One named in the will by the testator to administer the estate

One appointed by the court to administer the estate

the beneficiary’s share of the estate will pass to the beneficiary’s descendants or heirs ex. if aunt betty dies before granny, aunt betty’s share of granny’s estate will go to Tavia

• all living members of the beneficiary group receive an equal share. • If a beneficiary dies before the testator, the deceased beneficiary’s share is returned to the estate and distributed evenly among the surviving beneficiaries ex. if aunt betty dies before granny, her share is not passed to Tavia. It will be given to aunt Janet

• Occurs when someone dies without leaving a valid will • Distribution of estate will go by the probate acts of each state (will go through probate court and they will follow the laws of the state according to distribution)

If no heirs, real property will usually go to the county or state where it is located, and personal property to the state of residence of the testator.

a form that the administrator of a deceased person’s estate can use to collect the decedent’s assets, pay their debts, and distribute the balance of the estate to the decedent’s heirs and beneficiaries.