Wills, trusts, and estates creative commons licensed (BY) flickr photo by Ken_Mayer: https://flic.kr/p/9wP4PN

creative commons licensed (BY) flickr photo by iowa_spirit_walker: https://flic.kr/p/4DQJXs In-class will assignment

Estate Planning • Estate • Probate • Intestacy (without a will) – Intestate succession – Heirs – Escheat

Wills • Requirements –Testamentary intent –Capacity • Nature of a will • Nature of property • Objects of natural bounty • But: Lucid interval –Form • Revocation –Writing –Act

Formalities • In writing • Signed by testator • Two witnesses –Witnessed signing or –Testator’s acknowledgement • Self-proved –Notarized signatures of testator and witnesses

Holographic wills • Unwitnessed will written entirely in testator’s handwriting • Not valid in Alabama*

Nuncupative wills • Oral will witnessed at decedent's death • Also called deathbed will • Not valid in Alabama

creative commons licensed (BY-NC) flickr photo by thorinside: https://flic.kr/p/idr98

Trusts • Beneficial ownership for another – Settlor donates property to trust – Trustee has legal title to property – Beneficiary has beneficial use • Spendthrift Trust – Protected from Beneficiary’s creditors

Why use a trust? • Privacy • Control use of money • Avoid creditors • Avoid probate • Tax planning

Will assignment Use form to draft will to distribute client's estate