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PRL 101 slides, Nov. 5

1247d0fbb1983f2e8070809bb7acd6ef?s=47 Ted Major
November 05, 2015

PRL 101 slides, Nov. 5

CC-BY-SA

1247d0fbb1983f2e8070809bb7acd6ef?s=128

Ted Major

November 05, 2015
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  1. Wills, trusts, and estates creative commons licensed (BY) flickr photo

    by Ken_Mayer: https://flic.kr/p/9wP4PN
  2. creative commons licensed (BY) flickr photo by iowa_spirit_walker: https://flic.kr/p/4DQJXs In-class

    will assignment
  3. Estate Planning • Estate • Probate • Intestacy (without a

    will) – Intestate succession – Heirs – Escheat
  4. Wills • Requirements –Testamentary intent –Capacity • Nature of a

    will • Nature of property • Objects of natural bounty • But: Lucid interval –Form • Revocation –Writing –Act
  5. Formalities • In writing • Signed by testator • Two

    witnesses –Witnessed signing or –Testator’s acknowledgement • Self-proved –Notarized signatures of testator and witnesses
  6. Holographic wills • Unwitnessed will written entirely in testator’s handwriting

    • Not valid in Alabama*
  7. Nuncupative wills • Oral will witnessed at decedent's death •

    Also called deathbed will • Not valid in Alabama
  8. creative commons licensed (BY-NC) flickr photo by thorinside: https://flic.kr/p/idr98

  9. 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
  10. Why use a trust? • Privacy • Control use of

    money • Avoid creditors • Avoid probate • Tax planning
  11. Will assignment Use form to draft will to distribute client's

    estate