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25 Cards in this Set
- Front
- Back
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Inter Vivos Trust
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Trust established during the settlor's lifetime
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Precatory Expression
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imposes a trust if court concludes that words such as 'hope
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Spendthrift Trust
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provision in the trust instrument that removes it from beneficiary's control (thus preventing beneficiary's creditors' from seizing it). Once they receive income
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Totten Trust
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a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime
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Implied Trust
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(operation of law) constructive and resulting
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Constructive Trust
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a trust created by a court (regardless of the intent of the parties) to benefit a party that has been wrongfully deprived of its rights (agent makes a profit
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Resulting Trust
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a trust created by a court when it is judged that it was the intention of the parties to create a trust
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Remainderman
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one entitled to an estate when rights to a precedent estate have expired (they don't necessarily have to die: income from property goes to income beneficiary; sale of it goes to remainderman)
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Bequest
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Gift of personal property
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Devise
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Gift of real property
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Attestation
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must have two witnesses to the signing or acknowledgment of the will; must not be 'interested' parties (but if they are 'interested'
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Revocation
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subsequent will doesn't always revoke past wills. must have language in it specifically revoking prior wills. otherwise
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Marriage
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Common - revokes will executed prior to marriage; UPC - No
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Divorce
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Common - No; UPC - no
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Birth of child
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Common - revoke as far as child is concerned if omitted by accident; UPC - no unless omission was intentional
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Abatement
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pays specific gifts first; then pays general
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Ademption
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changed circumstances render the specific gift impossible (land sold). Sometimes
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Noncupative
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UPC doesn't allow them (must be in writing!). usually only made under last illness
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Holographic
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written will entirely by testator is valid even if not witnessed (only half of jurisdictions)
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Soldier's and Sailor's Will
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while they are away
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Codicil
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revises prior will (or explains)
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Per Stirpes
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Heirs divide equally share ancestor would have recieved
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Per Capita
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When all decendants (regardless of generation) get an equal share ...per person
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Parent's share
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intestate decedent's parent's weren't allowed anything under common law. Today
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UPC intestate succession
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all surviving children are children of decedent and spouse is there
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