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Unformatted text preview: Trusts & Estates - Outline www.swapnotes.com Page 1 of 47 Professor Melanie Leslie Spring 2006 Chapter 1-Introduction A. Inheritances-Pros and Cons: a. Cons: i. Inequality-not fair for some pp to start off w tons of $ just b/c are heirs ii. Enforcement-not possible to enforce it fairly iii. Policy: conditioned inheritances are pp imposing desire after dead iv. Decreased Productivity-pp will lose incentive to be productive 1. Argument against this: Life Cycle Hypothesis-predominant motivation for working is to provide for self , not to leave legacy 2. Answer: Inheritances decreases productivity of next generation. v. Inequitable-old pp give assets before die and dont have $ they need b. Pros: (justifications for having inheritances) i. Pp have a natural right to bequeath and accords w/ their wishes ii. Utilitarian-create incentive to industry & save b/c pp want to bequeath iii. Pp contribute to earning the wealth iv. Social Life-kids care for person b/c know will get $ from him v. Hard to Curtail-pp will find other less efficient means to transfer $ vi. Property-property has value to extent that can give it away after you die vii. Create greater dependency on gov b/c increase # pp need gov support B. Tension: Testamentary Freedom vs.Public Policy a. Ford v Ford-17- stabbed mom 40 times, but inherited b/c criminally insane i. Slayer Rule-if kill s/o, cant get their $ b/c cant profit from own crime. 1. She still inherited b/c didnt understand doing wrong so doesnt go against the purpose of the slayer rule. 2. Objectives of Slayer Rule : a. Deter pp from killing pp to get $. i. Doesnt make sense b/c so who isnt scared of death penalty wont be deterred b/c not getting $. b. Morality-killer doesnt deserve to get $ c. Furthers testamentary freedom b/c decedent would never want killer to get their $. ii. UPC 2-803-(25)-cant inherit if feloniously and intentionally killed s/o 1. UPC doesnt help court b/c same inquiry to determine if fel/int C. Probate and Non-Probate Transfers a. Probate i. Why is Probate Necessary? 1. Decides Conflicts When Will Contests-need standing to contest a. Standing : intestate heir or beneficiary under prior will 2. Notice to all Known Heirs-if no probate and kid comes, issues! 3. Starts the SOL of Creditors Claims : clean way to make sure e/o paid, but it takes time to go through the whole legal process. 4. Enables Transfer of Assets to PR a. To prove ownership/title, need probate to get a letter of administration (no will) or of testamentary (will) ii. Probate v Non-Probate Assets Trusts & Estates - Outline www.swapnotes.com Page 2 of 47 Professor Melanie Leslie Spring 2006 1. Will determines distribution of probate assets. Distribution of Non-Probate Assets determined by other instrument, such as K....
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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