BCOR 320 - Exam #2 Material

BCOR 320 - Exam #2 Material - BCOR 320 Exam #2 Material Day...

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BCOR 320 – Exam #2 Material Day #2 Will o Written instrument that directs your assets after your death. There is no wrong answer. It is your property. Give it away however you want. Everyone has a will. Intestacy – Dying without a will. Legislature has drafted this will for you. It os am all or nothing will. o Laws of decent – You weren’t smart enough to write a will so who gets your property. If you die with a spouse, then the spouse takes everything. If husband and wife both die then the children take. No children then it goes to the grandkids ( it goes lineal, per stripes “by the root” ). Parents Brothers and Sisters Aunts and Uncles The myth that all of your stuff goes to the state if you don’t have a will IS NOT TRUE. Per Stirpies – You have two children and one dies then the living child gets 50% and the grandkids of the other child gets 50%. Representation - you add up all the heads and divide equally. This could include 1 child and 5 grandchildren. Requirements for a will:
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o 18 and up. o Minimum level of competency. o Must be in writing. o Signed by you plus 2 witnesses. Holographic will – A will that is hand written, signed and dated. WV recognizes this. Witnesses – You must have at least 2 witnesses and the testator in the room at the same time. Self – Proving Will – You DO NOT have to bring the witnesses in after the
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This note was uploaded on 03/01/2011 for the course BCOR 350 taught by Professor Logar during the Spring '11 term at WVU.

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BCOR 320 - Exam #2 Material - BCOR 320 Exam #2 Material Day...

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