trustsandestatessterk-answers 2

trustsandestatessterk-answers 2 - I INHERITANCE A It is...

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I. INHERITANCE A. It is important to understand why we want to control where our money goes 1. L EVERAGE over your children 2. Ability to provide for your FAMILY after death 3. Incentive for PRODUCTIVITY the more you have, the more you provide 4. People want to know they can care for themselves. 5. Constitutional PROPERTY RIGHT : there is value to the idea that you have power at your death to distribute your property B. When should the gov’t place limits? Tension between freedom of property and other public policy exceptions 1. The dead can’t always foresee the future and changes that are necessary DEADHAND CONTROL 2. Cts never like to discourage MARRIAGE or encourage divorce or allow people to break the law. Manner of Shapiro (give ½ estate if he marries Jewish girl within 7 years of death is ok) But if the condition was give him estate if he divorces catholic within 7 years court won’t uphold as against public policy. Give estate unless he marries catholic court won’t uphold. Daniel would argue: “I live in Iowa, this is an impermissible restriction on marriage Maddox. 3. When a spouse DISINHERITS other spouse believe that partnership is equal and property belongs to both spouses regardless of title. It would be inequitable to take it away from a spouse. (Elective share) 4. S LAYER STATUTES : People shouldn’t profit from crime. Deterrent if you won’t inherit money afterward Equity. Should profit from your own crime. I ntent if T knew heirs were going to kill him to get money, would probably not want him to have money Ford v. Ford: Child killed mother but gets estate anyway. Fell within slayer exception since she was insane, she was not responsible, thus not a felonious crime. Reason for slayer statute is deterrence and in that context it is correctly decided. 5. UPC §2-803. Anyone who feloniously and intentionally kills decedent forfeits all benefits. In absence of conviction, court must determine whether individual would be found criminally accountable [preponderance of the evidence standard] C. Probate: Process by which courts distribute decedent’s assets to beneficiaries [f died with will] or heirs [if died intestate]. Definitions: 1. W ILLS : testator, executor (person charged with shepherding through process, defend the will). 2. N O WILL : Decedent, personal administrator
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2 Reasons for Probate: 1. Resolves conflicts 2. Transfer title: otherwise, if beneficiaries sold, decedent would be on the deed. 3. Gathers Assets 4. Start Statute of Limitations for Creditor Claims Downside to Probate : 1. Can be very EXPENSIVE 2. Any conflict, a LAWYER must get involved 3. P UBLIC D OCUMENT 4. D ELAY might need the money right away Alternatives to Probate: 1. L IFETIME GIFTS : To make a valid gift of PERSONAL PROPERTY the donor must INTEND to make a present and irrevocable transfer of some interest. [law will presume acceptance if the gift is of value to the donee] Gruen v. Gruen . Dad bought painting for $8000. Father gave son painting while alive but keeps it during death to avoid taxes, no delivery occurred.
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