Lecture Notes(3) - Lecture 1 19:01 Topics • Intestacy Laws • Types of Wills • Exam Recap Intestacy Laws • Laws that kick in if you die

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Lecture 1 19:01 Topics: • Intestacy Laws • Types of Wills • Exam Recap Intestacy Laws • Laws that kick in if you die without a will • Take a guess at/dictate what happens if you have no will • Only a plan B • Left to individual states • Two Types: o “Per stirpes” Average grandparent would want their grandchildren treated equally Figure: How many branches of the family are there? The oldest generation where someone is still alive gets all of that portion Example: • Grandfather dies (has 4 children – ABCD) • B and D died before the grandfather • 6 Grandchildren • $120,000 • Each part of the family gets 30,000 • A – 30,000 • B – Deceased Grandchild 1 gets 30,000 • C – 30,000 3 grandchildren get nothing • D – Deceased Grandchildren 5 and 6 get 15,000 each o “Per capita” (TX) Per stripes is a starting point + 1 thing beyond Extra step – Put all the grandchildren’s money together and disperse it amongst the grandchildren equally Example: Take grandchildren 1, 5, and 6 = 60,000 and divide it equally 10,000 each between 1-6 • If there is a surviving spouse: o In Texas: Community property – Decided that a marriage is a partnership. Everything you accumulate during a marriage should be divided between both spouses Spouse gets all of the community property Separate Property – Anything you own before you get married, anything you inherit at any time, any money that you make with separate property Spouse gets 1/3 of the separate property Estate Taxes – You do not have to pay this when you are alive but when you die it applies. Types of Wills • Two Types of Wills: o Holographic Will Hand written by the person that wants to make the will Cannot type or dictate to another person. Requirement - Must be reasonably clear o Attested Will Typed will drawn up by a lawyer Benefit – Somewhat more difficult to challenge in court Reading Assignment: • Pgs. 795-804 • Chapter 32 (Covers 4 or 5 days) Lecture 2 19:01 Topics: • Executors-debts • Executors-estate taxes • Alternatives to wills • Types of gifts Texas “Homestead Exemption” Estate – Everything that you own at the time of your death (House, car, money, etc.) • Place where assets go between the time you die and the time that an estate is dispersed....
View Full Document

This note was uploaded on 04/22/2009 for the course LEB 320F taught by Professor Bredeson during the Spring '08 term at University of Texas at Austin.

Page1 / 46

Lecture Notes(3) - Lecture 1 19:01 Topics • Intestacy Laws • Types of Wills • Exam Recap Intestacy Laws • Laws that kick in if you die

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online