Wills_ Trusts_ _amp; Estates

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					Wills, Trusts,
 & Estates
    Law in Society
    Ms. Medders
     2011-2012
   Legal Alternatives in
   Property Distribution
• Decedent: person who dies.

• Intestate: to die without a will.

• Administrator: court-appointed representative
  for a decedent.

• Estate: bundle of ownership rights in, and
  powers over, realty; also, property of the
  deceased.
   Legal Alternatives in
   Property Distribution
• Testate: to die with a valid will.

• Will: legal expression by which a person directs
  how his or her property is to be distributed
  after death.

• Testator: maker of a will.

• Executor: intestate’s personal representative
  appointed to settle the state.
   Legal Alternatives in
   Property Distribution
• Codicil: formal written, and witnessed amendment
  to a will.

• Holographic Will: will written and signed entirely
  by the maker.
• Nuncupative Will. Orally made will.
• Revocation of a Will: a will is subject to partial or
  total change at the desire time of the testator. A
  will is only intended to take effect upon the
  testator’s death.
     Distribution of the
     Decedent’s Estate
• Procedure Prior to the Distribution
  • After proof of death has been established, the
    personal representative's duties include the
    following:
    • Assembling, preserving, inventorying, and
      appraising the assets of the estate and collecting
      the debts owed to it.
    • Giving public notice of the estate and the
      necessity for filing claims against it within the
      statutory
     Distribution of the
     Decedent’s Estate
    • period.
    • Paying valid claims against the estate.
    • Distributing the remaining property according to
      the will or state.


• Escheats: reversion of the property to the
  estate.
Purpose and Creation of
        Trusts
• Trust: legal vehicle used to transfer the immediate
  control of property to another party.

• Trustee: legal entity having title to the property
  named in a trust.

• Settlor: creator of a trust.

• Beneficiary: party for whose benefit a trust is
  managed; also, recipient of the amount to be paid
  under an insurance policy.
       Types of Trusts
• Inter Vivos Trust: trust created during the
  lifetime of the settlor.

• Testamentary Trust: trust created after the
  death of a settlor in accordance with directions
  in the person’s will.

• Revocable Trust: may be canceled at anytime
  prior to the death of the settlor and the
  property taken back.
        Types of Trusts
• Charitable Trust: a trust created fro the
  fulfillment of an altruistic purpose.

• Private Trust: a trust created for a private
  purpose.

• Spendthrift Trust: one type of a private trust
  that protects the beneficiary’s interest in the
  subject property from the beneficiary’s
  creditors.
       Types of Trusts
• Express Trust: trust in which the terms are
  explicitly stated by the settlor.
• Resulting Trust: implied trust formed to hold
  property for its original owner.
• Constructive Trust: created to require a
  person holding property to transfer it to
  another because retention would be a wrongful
  and unjust enrichment of the holder.

				
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posted:5/15/2012
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