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19 Cards in this Set
- Front
- Back
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what are the 4 reasons for estate planning
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1. administer dead person estate
2. wealth transfer 3. protective order if need be 4.limit protection order if need be --jurisdiction of the probate court is broad. --it controls wealth transfer |
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what is the limitation placed on the probate court.
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1. if the acct is joint.
---k law will govern. 2. if it 401k or 401b = this will be govern by erisa statute ---fed. jurisdiction. |
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what is the first step to estate planning
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administration.
1. file petition to open estate 2. open estate-give notice 3. appoint PR 4. court will take action |
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what are the 2 types of administration.
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1. supervised
--to find out heir at law --5 days --give notice 2. unsupervised --know all the heir at law --main objective is appoint PR |
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Notice requirement.
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1. all interested parties must be given notice.
2. heirs at law under the intestacy statute 3.also all beneficiary under the previous will. |
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how will get admitted
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1. get will admitted into probate crt.
---usually these kind of matters will not be challenged. |
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what is the objective probate process.
who goes to Probate---- |
1. get the will admitted
2. sell or distribute all asset. 3. acct for all the assets ---so personal rep. maybe discharged. ----personal rep. will go to probate. |
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what is the probate admin. will be open for.
why? |
probate process will be open 4-5 months.
--give the creditors time to receive notice and time to file a claim against estate. |
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what is the probate court known as--
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1. probate court is also known as the notice court.
2. the reason for the probate crt is acct for asset and pay debt. |
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what is the compensation for personal representative.
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1. Pr is usually paid by the hour.
2. if contingent fee = usually 2% of entire estate worth. |
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what is the reason the living trust.
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avoid probate process
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what can the probate court do if it gets involved.
what happens if there is any issue. |
1. crt might establish its own trust.
2. install testimontary trust. ---crt supervised ---intervivos trust. ---if any issues with trust = crt will solve the issue. --judge economy = let my robe protect you. |
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what is the rule for conservatorship.
what is the process. |
person unable to manage their own $ b/c the person is incompetent.
1. trustee manages the trust. 2. crt supervised 3. inventory of the funds 4. bond( crt order) 5. yearly acct of the funds( how the funds are spent) |
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what is the diff. conservatorship for minor vs. adults.
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minor
= this will end when kids 18yrs. adults =this will end when adult dies or = crt order ends |
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what is protective order
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power of attrn for a day.
1. distribute asset for another 2. probate grant auth. for a specific event. |
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what is the rule for guardianship.
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protect the body.
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what is the rule for guardianship for
--minors (2 types) or mental condition. |
minors
1. custodian parent= do everything a parent does. ---imitations = cant give them up for adoption. 2. limited guardian = --this will end annually --once done = biologically parent will have full rights --mental conditions= person cant take care of themselves. 1. crt order incompetent. 2. medically incompetent. 3. birth defect. -----every decision must be made by someone else other than the person. |
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what is the safe guard for a guardianship.
1. standard for review 2. what is the crt standard. |
1. hearing (by probate crt)
2. heighten standard. crt standard. 1. must this person have a guardianship. 2. any other alternative 3. annual review after 1 yr 4. 3 after the 1st yr 5. person can nominate who they want to be in charged of them. |
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will and trust contest.
1. presumption. 2. challenges |
presumption of
1. competence 2. validity ---challenges----------------------- 1. did not meet statutory requirement. ( will not valid) 2. person not competent. a. did not intent to make will/trust b. did not know natural bounty( kids) c. did not know how much they had( $$$$) 3. undue influence a. fiduciary influence b. 3rd party benefited. c. opportunity to influence ------all 3 must be met------------ |
