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20 Cards in this Set

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Doctrine of independent significance
Will may dispose of property by referring to certain acts or events which are independent of the disposition of the will. Ex: You leave stuff in safe box to susan
Doctrine of dependent relative revocation
When testator revokes first will upon mistake of law as to validity of second will, the court disregards the act of revocation
Trust
A trust is a fiduciary relationship in which a SETTLOR transfers PROPERTY to a TRUSTEE to hold for the benefit of a BENEFICIARY in accordance with the purpose or INTENT of the trust
Gift
1 Donative intent,
2 Delivery, and
3 Acceptance (presumed if unconditional and beneficial).

Real property must meet statute of frauds (must be in writing).
Statute of wills
Person cannot try to do what a will would do without using a will. There must be some kind of actual interest that passes. However you can retain control by keeping the ability to revoke, etc. Farkas
Ademption
Bequest extinguished by extinction of property.
Intestate share of surviving spouse (MGL 190 s. 1)
Issue - 1/2
No issue - $200K + 1/2, first out of personal property
No kindred, all
Elective share (MGL 191 s 15)
Issue: 1/3 personal and 1/3 re only life estate for amount over 25k
No issue: 25K + life estate in 1/2 personal and 1/2 re
No kindred: 25K + 1/2 per and 1/2 re
Do the children of beneficiaries of a will have the right to take by right of representation if the beneficiary predeceases the testator?
The children of blood relative beneficiaries take by right of representation. Children of non-blood relative beneficiaries do not.
What is the maximum allowable value of an estate for a voluntary administration?
15K + one motor vehicle
What is the waiting period before a voluntary administrator has the authority to act?
30 days
Is the elective share allowed if the surviving spouse was not living with the decedent?
A probate court may determine that the surviving spouse abandoned the testator or was living apart from the testator for justifiable cause, and may therefore deny the surviving spouse the right to elect against the testator's will. Mass. Gen. Laws ch. 209, sec. 32.
What is a rabbi trust?
Employer sets aside money for deferred compensation to employees in a trust
Can creditors reach trust assets?
If self settled they can reach what trustees could distribute. Otherwise in MA spendthrift clauses are generally valid.
Do you include gross assets or assets net of liability on the estimated estate on a bond?
Gross, because they want to know the maximum liability
Category D GALs
GAL in actions involving probate of wills, accounts, etc.
Category K GALs
GAL for an incompetent person
Category L GALs
GAL/next friend for a minor
What happens if an executor or trustee dies during administration?
Chapter 7 of Newhall deals with the death, resignation, or removal of executors and administrators.

The death of an executor or administrator terminates the office. However, his or her executor or administrator has the duty to both turn over the assets of the estate to the new executor or administrator, and to render into the court the account of the deceased executor or administrator of the former estate. The administrator d.b.n. or executor c.t.a.d.b.n. has no responsibility connected with the preparation and filing of the predecessor's account, except to see that one is filed.

It is my understanding that Packy was formerly executor of the Nason estate. Packy's admininistratrix would have the duty to prepare, sign and file his fiduciary account. The successor executrix of the Nason estate should have no such duty.
Requirements for IRS to respect buy sell agreement price for estate tax purposes
1) Obligation to offer for sale
2) reasonable and ascertainable price
3) precluded from transfer during life at higher price
4) may not be a device to pass to natural objects of bounty
5) business purpose
6) comparability