PRL 101 slides, Nov. 5

Transcript

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