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

Wills & Trusts SHORT- Gac- 2006- Grade A- - X's Short...

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X's Short Wills Outline Chapter One: Introduction Right to Convey: The Grant from the state -Executor/Administrator duties -Garner Assets -Pay creditors & Taxes -Distribute -Supervised by the probate court. -Goal: Overriding intent of the decedent will be given maximum effect allowed by law. -Holding: Right to devise and descend might not be completely abolished under the constitution. Note this case involved a vested remainder and once given by the state, it should properly be required to compensate. -15-12-1203? What does this statute mean? -Informal probate is conclusive as to all persons until superseded by an order in formal testacy -Formal testacy is a proceeding to determine whether a decedent left a valid will and may be commenced by anyone with an interest (3 year period) -30 day limit for representative/executor/administrator to give notice to heirs and devisees -Creditor notice (unless one year after death) in a newspaper 3x in 3 successive weeks and creditor is then barred after 4 months (provided not mortgage creditor) -Known or reasonably ascertained creditors get notice and then the limits apply. -Estate Tax (well received) when? Estate value 1.5 million in 2005 up to o in 2010 -Problem of the dead hand. I.E. maximum extent, but restrictive to protect family harmony as well. -Restrictions on marriage are invalid except restriction based on religious faith if and only if restraint doesn't unreasonably limit transferee's opportunity to marry (lack of eligible bachelorettes, not enough time, if it attempts to define what a jew is. -Encouraging divorce, barring brothers from speaking, or demanding destruction of property as wasteful are all barred. -Transfer of Estate Summary (PIMP CD) -offer will to Probate, Inventory and collect assets, Manage assets, Pay creditors, Clear title, Distribute assets. closed? court approval -Choice of law? Domicile at death usually governs. Ancillary probate is needed for real property. -Attorney duties: Care, & devisees/heirs are third-party beneficiaries. -1) Actual intent may be discoverable in a malpractice suit despite probate courts ruling on intent of the will. 2) A duty to the client to not disclose is not a license to lie to a beneficiary about a will's contents!!
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-liability arises on plain elementary law, but not debatable or for drafting an ambiguous will. Chapter 2: Intestacy Intestate - Dies with no valid will . -CO allows for a decedent to expressly state a class or individual does not take by intestacy and that class or person is treated as predeceasing the T (Testator). -Law- Domicile, Real Property- ancillary, Foreign property-foreign law. -Surviving Spouse -All provide for SS to take something. CO/UPC: If more than one situation applies? The bigger portion. T
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Wills & Trusts SHORT- Gac- 2006- Grade A- - X's Short...

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