Wills, Trusts & Estate Planning
Review
Descent & Distribution
Descent – Real Property via Intestacy Distribution – Personal Property via Intestacy Why Most People Die Intestate Surviving Spouse - then and now Descendants Ancestors and Collaterals Escheat
Treatment of Certain Categories of Potential Heirs
Posthumous or Afterborn Heirs Adopted Individuals Non-Marital Children Children from alternate reproduction Stepchildren Half-Blooded Collateral heirs Non-US Citizens Unworthy Heirs Non-Marital Partners
Other Intestate Succession Issues
Ancestral Property Advancements Survival Disclaimers Assignment or Release of Expectancy Equitable Conversion Liability for predeceased intermediary debts Heir Designation Choice of Law
Requirements for a Valid Will
Legal Capacity Testamentary Capacity Testamentary Intent Formalities Holographic Wills
Changing Circumstances After Will Execution - Property
Classification of Testamentary Gifts Ademption by Extinction Ademption by Satisfaction Changes in Value Exoneration Abatement Tax Apportionment
Changing Circumstances After Will Execution - Persons
Marriage of Testator Divorce of Testator Pretermitted Heirs Death of Beneficiary – Lapse Failure of Charitable Trusts – Cy Pres Survival
Revocation of Wills
Revocation by Operation of Law Revocation by Physical Act Revocation by Subsequent Writing Presumptions Revival Conditional Revocation Multiple Originals
Interpretation and Construction
Ambiguity Integration Incorporation by Reference Facts of Independent Significance Tangible Personal Property Instrument Pour-Over Provisions Precatory Language Class Gifts Dead Person’s Statute
Will Contests
Failure to Satisfy Statutory Requirements Insane Delusions Undue Influence Duress Fraud Mistake Remedies Preventing Will Contests
Estate Administration
Proper Applicant Locate Will Prepare Application File in Appropriate Court Appoint and Qualify Personal Representative Collect, Protect, Manage Inventory and Appraisment Notice to any Payment to Creditors Accounting, Distribution, Closing
Overview of Non-Probate Transfers
Reasons People Use Non-Probate Transfers Inter-Vivos Transfers – Gifts Co-Ownership of Property Real Property and Community Property
More Non-Probate Transfers
Multiple Party Accounts Life Insurance Contracts Annuities Retirement Benefit Plans “Tax Qualified” Plans
Introduction to Trusts
Overview and Terminology Purposes and Uses of Trusts Warning about Over-Promotion of Trusts
Trust Creation
Trust Intent Methods of Trust Creation The Settlor Statute of Frauds Trust Purposes Trust Property The Trustee The Beneficiary Rule Against Perpetuities Charitable Trusts
Trust Administration
Overview of Trust Administration Trust Investments & Standard of Care Trustee Powers Trust Distributions Duty of Loyalty Liability of Trustee to Third Parties Allocation of Receipts & Expenses Accountings, Compensation Trust Modifications Trust Termination Reformation
Trust Enforcement
Procedural Matters Remedies Against the Trustee Remedies Involving Trust Property Remedies Against the Beneficiary Causes of Action Against Third Parties Barring of Remedies
Resulting & Constructive Trusts
Failure to Create Express Trust Failure of Trust to Dispose of Property Fraud or Abuse – Restitution Remedy
Other Estate Planning Concerns
Federal Gift Tax Federal Estate Tax Marital Deduction & Bypass Planning Charitable Deduction
Disability & Death Planning
Property Management Durable Powers of Attorney Health Care Death
Conclusion