Wills & Trusts- Gac- 2006- Grade A-

Wills & Trusts- Gac- 2006- Grade A- - Wills Trusts...

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Wills, Trusts, & Estates MW, 9:30-10:30, Room 104. Professor Edward Gac/Wayne Gazur I. Introduction- A. The Power to Transmit Property At Death: Its Justification And Limitations 1. The Right to Inherit and the Right to Convey "The Earth belongs in usufruct to the living; the dead have neither powers nor rights over it." "The right to give property at death is not a natural right, but merely a civil right." Inherit- Entitled to property after death. Inherit came first in the law (ie oldest son) Devise- Giving property by will by societal consent. Five things to keep in mind 1) Person who wrote the will. Will we honor the intent? 2) Direct Family members. How are they being helped/jurt. 3) Creditors. 4) Cost of Transition. How much should it cost to die? 5) This is a great time to tax. 2. Some Basic Terminology Forced Heirship - Where somehow your ability to give your property away is limited. examples: Taxes, Spouse, & Children (LA). However, general shift away from forced heirship to freedom to devise. Testate v. Intestate - Testate- die with a will. Intestate- die without a will. Devise - Gift of real property through a will. Bequest - Gift of personal property through a will. Heirs - Intestate successors. Heir Apparent - Living people don't have heirs. These are the would-be heirs. Next of Kin - Successors to personalty. Probate proceeding - Go ahead and live out this procedure of going to court over a will Personal Representative - Person appointed to handle the estate. Three duties. Garner the assets of the estate. Pay creditors (including taxes). Distribute the property. Consanguinity - Relationship by blood. Affinity - Relationship by marriage. Ascendants - Ancestors, parents, etc. Collaterals - Neither ascendant or descendant, but related through common ancestor (brother, niece, nephew). Significant other - Gay partner, Non-married people. 3. Stautory goals (statutory policy). What was the intent of the decedent ? Construction of instruments. In other words we're going to try to match up actual intent with what was said in the instrument. Looking at assigning rights between remaindermen. Inherent tug-of-war. Fiduciary role of the attorney. Who has what duties to what people. Probate proceedings themselves as they relate to evidence, clearing titles, getting a court to approve our accounting, etc. One chapter on non-probate transfers of property. i.e. joint tenancy, gift, pensions, contractual arrangements, future interests. Probate. Vast majority of big estates for the wealthy. Chapter One: Introduction to Estate Planning Section A. The Power To Transmit Property At Death: Its Justification And Limitations 1. The Right To Inherit And The Right To Convey
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Will - testament in written or oral instructions properly witnessed and authenticated, according to the pleasure of the deceased. Right? - It was recognized this is not a natural right, but a civil right and is not in the Constitution of the USA. It was completely statutory and the right to devise anything is still not absolute.
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