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18 Cards in this Set
- Front
- Back
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** Intestate succession ** |
** Intestate succession ** |
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Intestate distribution
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Under EPTL, intestate distribution occurs when a person dies without a will, with an invalid will or to any part of the property that does not pass under a will.
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Probate
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Probate is the Surrogate’s Court proceedings in which it is determined whether distribution will be made by the rules of intestacy, valid distributees are identified and an administrator is appointed.
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Uniform Simultaneous Death Act
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Under the Uniform Simultaneous Death Act where it cannot be proven that 1 person died more than 120 hours after another, each is treated as having predeceased the other.
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Issue
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All persons descended from a common ancestor.
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Per stirpes
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Is a means of distribution of a decedent’s estate whereby each branch of the family receive equal shares. Where an heir predeceases his/her issue, his/her share is divided amongst the surviving issue.
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Per capital at each generation
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Is a means of distribution of a decendent’s estate whereby the surviving members of each generation receive an equal share. The remainder is then distributed amongst each subsequent generation by the same means. |
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** Wills. Family protection ** |
** Wills. Family protection ** |
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Pretermitted children
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Pretermitted children are children born or adopted after a will has been executed.
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Spouse’s elective share |
Under EPTL, the spouse’s elective share protects against disinheritance by giving the decendent’s surviving spounse a minimum share of the decedent’s estate.
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Testamentary substitutes |
A testamentary substitute is an arrangement other than a will that passes property upon death. |
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** Will contests ** |
** Will contests ** |
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In terrorem clause
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An interrorem clause is one providing that any party objecting to a will will not be entitled to receive from it. Under New York law, such clauses are given full effect even where there is probable cause to challenge the will. |
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** Wills. Modification ** |
** Wills. Modification ** |
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Codicil
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A codicil is an amendment to a will, which must be executed with the same formalities as a will. |
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Dependent relative revocation
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Under EPTL, where a prior will is revoked by a subsequent will, and the subsequent will is deemed invalid, the prior will is revived. This is called dependent relative revocation. |
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** Trusts ** |
** Trusts ** |
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Spendthrift provisions
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A spendthrift clause limits a beneficiary’s ability to alienate gifts made to him/her under a will or trust. Where an executor or trustee is aware of the beneficiary’s intent to turn over a gift to a third party (s)he shall not make the gift. Under the New York EPTL, income interests in trusts are given this protection by default. |
