I Illustrative Will pg 375 a I 1 OR any other rental property \u00c6 i No clue what

I illustrative will pg 375 a i 1 or any other rental

  • Yeshiva University
  • LAW 7441
  • Notes
  • davidvictor
  • 54
  • 100% (1) 1 out of 1 people found this document helpful

This preview shows page 29 - 31 out of 54 pages.

I. Illustrative Will -pg 375 a. I (1)-“OR any other rental property” Æ i. No clue what he will own when he dies and if sells 120, will replacement property go to Martha ii.What if Martha predeceases? Do her kids get? 1. Some gifts are expressly conditioned upon survivorship, and this one isn’t so then argue that anti- lapse statute applies 2. Clause 5-residuary clause includes gifts that lapse—does that mean that gifts should lapse or that only if they should lapse for some reason, then wants to include it iii. In clause 2, gives a beach house free of mortgage Æ that means wife, the residuary legatee, will end up paying for it b/c estate will pay for mortgage 1. Today, property is transferred encumbered by the mortgage, so would be nice to know if that is what he really intended. iv. If beach house is rented, does it become rental property under clause 1 b. Memorandum-NY doesn’t give effect to memo b/c didn’t adopt 2-513! i. If adopt 2-513, needs to signed by the testator and describe the property c.Beach House-conditioned upon survival, but what if she doesn’t? If in UPC 2-606 this language isn’t enough to prevent application of anti lapse statutes. d. Desk-what do you do w/ specific bequest if no longer exists e. Library $-demonstrative device and we don’t like it b/c if there isn’t enough $ to make that, it becomes a general devise and then the residuary legatee gets less. f. Decreasing Value and Abatement Problems: i. 4(1)-residuary legatee gets a general advice so that gets something too, but that wont put her where she would be as residuary ii. SHOULD have listed an order or abatement g. Think About:
Image of page 29
Trusts & Estates - Class Notes Page 30 of 54 Professor Melanie Leslie Spring 2006 i. 6-typical provision that e/ will w/ minors has—creating a testemantary trust ii.Who pays the taxes here? Does residuary pay or does e/o pay equal shares iii. Difference b/t attestation clause and self approving affidavit. Trusts A. Introduction a. Why create a trust- why not just give pp FSA or LE? i. Avoid probate ii. Plan for taking care of successive generations over time iii. Protect their loved ones from predators iv. Maximize tax planning v. Plan for incapacity in old age b. 2 types of trusts: i. Inter Vivos Trust/Living Trusts -trust creating during person life 1. Settlor -person who creates the trust ii. Testamentary Trust -trust created via a provision in a will 1. Testator -person who creates the trust
Image of page 30
Image of page 31

You've reached the end of your free preview.

Want to read all 54 pages?

  • Fall '06
  • Cunningham
  • Inheritance, Speak, Class Notes Professor, Professor Melanie Leslie, Melanie Leslie, Notes Professor Melanie

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture