WillsExam1Review - Situs(where you own property and...

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Wills, Trusts and Estates Exam 1 Review You don’t have to file a will in VA Introduction to Estate Planning (Chp 1) Definitions and Nomenclature (vocabulary, pick out the appropriate term) Estate Planning Process Estate Planning Team (can’t practice law, can’t write a will, conveying to client depends on state) -Unauthorized practice of law Basic Estate Planning Documents Wills -Types -Requirements -Common Clauses -What you can and can’t do with a will -Contesting (speaker- only makes all the children excetors of the will) Intestacy (no specific statutes, only general provisions of UPC)
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Unformatted text preview: Situs(where you own property) and Domicile (where you live) Living Wills Powers of Attorney Power of Appointment Types of Property Interests-Real v. Personal-Fee Simple Absolute-Tenancy in Common-Joint Tenancy with the Right of Survivorship-Tenancy by the Entirety-Life Estate-Estate for Term of Years-Remainder Interests-Contingent-Vested-Reversionary Interest-Community Property The Probate Process Advantages vs Disadvantages Legal v Equitable Interests Complete v Incomplete Transfers Fair Market Value Beginning to end Disclaimers Will Substitutes...
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