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Unformatted text preview: Trusts & Estates - Class Notes www.swapnotes.com Page 1 of 54 Professor Melanie Leslie Spring 2006 INTRO 3 a. Slayer Rule-if you kill s/o, you cant get their $ b/c you cant profit from your own crime. 3 PROBATE AND NON-PROBATE TRANSFERS 3 A. WHY IS PROBATE NECESSARY? 3 B. PROBATE V NON-PROBATE ASSETS 3 C. WHY DO PEOPLE TRY TO AVOID PROBATE? 3 D. CHART-SUMMARY OF THE PROBATE PROCESS 3 E. GIFTS 3 F. JOINT INTERESTS W/ RIGHT OF SURVIVORSHIP 3 CHAPTER 2-INTESTATE SUCCESSION 3 B. WHY INTESTACY STATUTES? 3 C. SHARE OF SPOUSE 3 E. THE SHARE OF LEGAL DESCENDANTS: DISTRIBUTING AMONG DIFFERENT GENERATIONS 3 F. DISTRIBUTION TO OTHER RELATIVES WHEN NO SPOUSE/ISSUE/PARENTS 3 SECTION V-DEFINING THE MODERN FAMILY: HALFBLOODS, ADOPTEES, AND NON-MARITAL CHILDREN 3 C. ADOPTION 3 D. SIMULTANEOUS DEATHS 3 E. DISCLAIMERS 3 F. ADVANCEMENTS 3 WILLS 3 A. WILL EXECUTION 3 c. Problems with the will/Lawyer’s Mistakes: 3 d. Will Formalities-when the attorneys screw them up 3 B. CONTESTING THE WILL-WAYS TO ATTACK A WILL: 3 b. Testamentary Capacity 3 vi. Insane Delusion 3 c. Undue Influence 3 C. PREPARING FOR THE CONTEST: THE LAWYER’S ROLE 3 D. GAY & LESBIAN TESTATORS 3 E. WHAT CONSTITUTES THE WILL? 3 a. Integration and Incorporation by Reference 3 F. CONSTRUCTION PROBLEMS CREATED BY THE TIME GAP B/T WILL EXECUTION AND DEATH 3 iv. Specific Devise of Stocks 3 v. Class Gifts 3 G. CONSTRUCTION PROBLEMS 3 a. Mistake 3 v. Scrivener’s Errors 3 H. REVOCATION OF WILLS 3 b. Presumption of Revocation 3 c. Partial Revocation by Physical Act 3 d. Revocation by Subsequent Instruments 3 e. Revocation by Operation of Law 3 f. Revival of Wills 3 TRUSTS 3 A. INTRODUCTION 3 B. HOW TO CREATE A TRUST 3 C. AVOIDING PROBATE 3 a. Avoiding Probate w/o the use of trusts 3 b. Avoiding Probate using Revocable Inter Vivos Trusts 3 c. Pour Over Wills 3 d. Marketing Revocable Trusts 3 D. PROVIDING FOR MINOR CHILDREN 3 E. BUILDING FLEXIBILITY INTO THE ESTATE PLAN: SUPPORT TRUSTS AND DISCRETIONARY TRUSTS 3 1. Support Trusts 3 Trusts & Estates - Class Notes www.swapnotes.com Page 2 of 54 Professor Melanie Leslie Spring 2006 2. Hybrid 3 3. Discretionary Trust 3 F. SPENDTHRIFT TRUSTS-CREDITORS OF THE BENEFICIARY 3 c. Public Policy Exceptions to Spendthrift Trusts 3 d. Creditors Rights in Self-Settled Trusts 3 G. PLANNING FOR INCAPACITY 3 b. Medicaid Asset Planning 3 H. TRUST REMAINDER INTERESTS 3 I. CLASS GIFTS 3 J. POWERS OF APPOINTMENT 3 d. Creation and Exercise of Power 3 e. Scope of the Power 3 1. Allocation of Assets Doctrine-when have a problem with allocation of special power. Either appointment is invalid b/c appointed to a non object,or he combines appointed property with residuary estate creating a trust that violates RAP. 3 2. Capture Doctrine- when donee manifests intent to appoint the property to his own estate, distribute it according to his will. 3 f. Creditors Rights in Appointive Property 3 ESTATE TAXATION 3 A. HOW TO COMPUTE ESTATE TAXES ? 3 a. Basic Concepts of the Statute 3 b. Process:...
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This note was uploaded on 02/14/2008 for the course LAW 7441 taught by Professor Cunningham during the Spring '06 term at Yeshiva.
- Spring '06