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PRL 101 slides, Nov. 5

Ted Major
November 05, 2015

PRL 101 slides, Nov. 5

CC-BY-SA

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

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

    View Slide

  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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