Wills Trusts And Estates

Front 1

Incentive trust

Back 1

Conditional gift typically made in trusts, often focused on making sure kids don't slack off or are frivolous. Sometimes used for specific things like Shapira designating son has to marry Jewish girl with two Jewish parents.

Hint 1

Shapira v. Union National Bank

Front 2

Restatement Third of Trusts section 29 (2003)

Back 2

In reckoning what's contrary to public policy, courts should balance the donor's freedom of disposition against other social values as the effects of deadhand control on the subsequent conduct or personal freedoms of others. If a provision is unnecessarily punitive or unreasonably intrusive into significant personal decisions or interests, the provisions may be invalid

Front 3

Uniform Probate Code section 2-602

Back 3

All property acquired by the estate after the testator's death may pass under the testator's will.

Hint 3

Pg 39

Front 4

Probate property

Back 4

Property that passes through probate under the decedant's will or by intestancy.

Hint 4

Pg 41

Front 5

Nonprobate property

Back 5

Property that passes outside of probate by the way of will substitute.

Hint 5

Pg 41

Front 6

Testamentary Trust

Back 6

Property held in this trust created under the decedant's will passes through probate

Hint 6

Pg 42

Front 7

Inter vivos trust

Back 7

Property in this trust during decedant's life passes in accordance with the terms of the trust, avoiding probate administration. This type of trust is now preferred over testamentary trusts.

Hint 7

Pg 42

Front 8

Personal Representatives

Back 8

Person overseeing winding up decedant's affairs.

Hint 8

Pg 43

Front 9

Testate

Back 9

If a person dies testate they die with a will

Hint 9

Pg 43

Front 10

Intestate

Back 10

If decedant dies without a will. Governed by the rules of the default rules of intestancy.

Hint 10

Pg. 43, 63

Front 11

Administrator

Back 11

If will does not name executor, the named executor is unable or unwilling to serve, or decedant dies intestate, court names this personal representative.

Hint 11

Pg 43

Front 12

Three core functions of Probate

Back 12

1) it provides evidence of transfer of title to the new owners, making the property marketable again

2) it protects creditors by providing a procedure for payment of the decedant's debts

3) it distributes the decedant's property to those intended after the decedant's creditors are paid

Hint 12

Pg 44

Front 13

Unsupervised Administration

Back 13

After appointment, personal representative administers the estate without going back into court. Judicial approval required to relieve the rep from liability unless some statute of limitations runs upon a cause of action against the representative.

Hint 13

Pg 47

Front 14

Supervised Administration

Back 14

Personal representative is subject to the continuing authority of the probate court in administering the estate

Hint 14

Pg 46

Front 15

UPC section 3-803

Back 15

Requires creditors to file a claim within a specified time period

Hint 15

Pg 47

Front 16

Nonclaim statutes: two forms

Back 16

1) they bar claims not filed within a relatively short period after probate proceedings have commenced, generally two to six months (four months under the UPC)

2) they bar claims not filed within a longer period after the decedant's death, generally one to five years (one yr under UPC).

Hint 16

Pg 47

Front 17

Partial intestancy

Back 17

If a will disposes of only part or the probate estate

Hint 17

Pg 63

Front 18

Per stirpes (by the stocks)

Back 18

One third of the states follow the system of English distribution

Hint 18

Pg 82

Front 19

Vertical Equality

Back 19

Per stirpes assures this, equal shares across the decedant's lines of descent. Each takes half.

Hint 19

Pg 82

Front 20

Horizontal equality

Back 20

Equal share for each taker of equal degree of kinship to the donor.

Hint 20

Pg 82

Front 21

Per capita at each generation, do we need to know this?

Back 21

??

Hint 21

Pg 83

Front 22

Collateral kindred

Back 22

If there is no spouse or parent, the decedant's heirs will be more remote ancestors or collateral kindred. All persons related by blood to decedant but who are not descendants or ancestors.

Hint 22

Pg 85

Front 23

First line collateral

Back 23

Descendants of the decedant's parents, other than the decedent or the decedant's descendants.

Hint 23

Pg 85

Front 24

Second line collateral

Back 24

Descendants of the decedant's grandparents, other than the decedant's parents and their descendants

Hint 24

Pg 85

Front 25

Parentelic system

Back 25

Intestate estate passes to grandparents and their decendants, and if none to great grandparents and their descendants, and so on down each line (parentela) descendants from an ancestor until an heir is found

Hint 25

Pg 87

Front 26

Degree of relationship system

Back 26

Intestate estate passes to the closest of kin, counting degrees of kinship

Hint 26

Pg 87

Front 27

Laughing heirs

Back 27

Distant relative who inherates intestate succession when they are so far removed from the decedant that they likely don't know them and suffer no sense of bereavement upon learning of their death.

Hint 27

Pg 88

Front 28

Escheat

Back 28

?

Hint 28

Pg 91

Front 29

Stranger to the Adoption rule

Back 29

The adopted is presumptively barrer, whatever genetic word is used, if the donor was not the adoptive parent.

Front 30

Equitable adoption doctrine

Back 30

Sometimes called virtual adoption or adoption by estoppel. Informal adoption.

Hint 30

Pg 104

Front 31

Filius nullius

Back 31

Nonmarital child, child of no one, could inherit nothing from either parent

Hint 31

Pg 110

Front 32

Three powerful state interests on whether posthumously conceived genetic children may enjoy inheritance rights under the intestancy statute

Back 32

1) best interests of the children

2) the states interests in the orderly administration of the estates

3) reproductive rights of the genetic parent

Hint 32

Pg 114