care, bailee is guilty of torts negligence and conversion and is responsible for damages WILL AND ESTATE PLANNING Person making a will = testator Person who dies = decedent Decedent leaving a valid will = died testate Personal representative to carry out provisions of will = executor Person who dies without a will = died intestate Will only valid if testator had capacity at time of making – specific minimum age (usually 18) Requirements of a valid will o Must be written and must be signed by testator Signing witnessed by two component people (sign as witnesses) Attestation clause Paragraph between testator signature that states that this is the last will and testament Signatures of witnesses Self-proving affidavit to relive the witness of the burden of testifying when the will is submitted for admission to probate after the death of the testate
Modify by means of codicil o Addition to the will and must be executed with the same formalities o If extensive modification necessary, they should just make a new will o Testator can revoke or amend the will at any time until death Holographic Wills o Can execute wills without formal attestation o Must be in testator handwriting (including signature) o No attestation clause or witnesses required Interstate Rules o What happens to stuff if you don't have a will o *****Know per stirpes distribution versus per capita distribution BUSINESS ENTITIES Partnership o Association: partnership is a voluntary arrangement formed by agreement o Person: Includes people, corporations, other partnerships, and other types of associations o True partners share in three communities of interest 1. Capital 2. Management 3. Profits o Partnership considerations Aggregate theory: pass through partnership (tax partners individually) Entity: liability and company assets Partnerships should have written agreements and not only oral ones because: 1. Hard to prove exact terms of oral 2. Problems (taxation) can be solved with written agreement 3. More likely to foresee problems CASES o Gordon v. Bailystoker Center & Bikur Cholim, Inc. o State of Texas v. $281,420 o Meaux v. sisters of charity of the incarnate world o Control is key! o Employers Insurance of Wausau v. Chemical Bank
o Exculpatory clauses
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- Spring '08