PRL 101 slides, Nov. 5

CC-BY-SA

Transcript

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

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

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

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

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

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

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

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

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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
   

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

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

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