A. If a Qualified Disclaimer Is Made As to Any Interest
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Spring 2014 Melanie Leslie – Trusts and Estates – Attack Outline 1
Spring 2014 Melanie Leslie – Trusts and Estates – Attack Outline Order of Operations (Will) • Problems with the will itself o Facts showing improper execution (signature, witnesses, statements, affidavits, etc.), other will challenges (Question call here is whether will should be admitted to probate) . Look out for disinherited people who have standing under the intestacy statute!! . Consider mechanisms to avoid will challenges (no contest, etc.) o Will challenges (AFTER you deal with problems in execution) . Capacity/undue influence/fraud o Attempts to reference external/unexecuted documents . Incorporation by reference . Facts of independent significance • Spot: Property/devise identified by a generic name – “all real property,” “all my stocks,” etc. • Problems with specific devises in the will o Ademption (no longer in estate) . Spot: Words of survivorship . Identity theory vs. UPC o Abatement (estate has insufficient assets) . Residuary general specific . Spot: Language opting out of the common law rule o Lapse . First! Is the devisee protected by the anti-lapse statute!?! . Opted out? Spot: Words of survivorship, etc. UPC vs. CL . If devise lapses (or doesn’t), careful about who it goes to • If saved, only one state goes to people in will of devisee, all others go to descendants • Careful if it is a class gift! Does not go to residuary unless whole class lapses • Other issues o Revocation – Express or implied? o Taxes – CL is pro rata, look for opt out, especially for big ticket things o Executor – Careful! Look out for undue -
Estate Planning Guide
Last Will & Testament Estate Planning Guide Protect your loved ones, make your wishes known, and award your assets as you desire. Contains the information you need to plan your estate responsibly and affordably. Includes: Estate Planning Guide Contents developed by licensed attorneys. Know how to do more yourself and save. Since 1998, SmartLegalForms has helped millions of individuals resolve their legal problems by providing easy-to- use legal forms. THIRD EDITION……………………………………. MARCH 2017 Author Richard S. Granat, Esq. Editor Kathleen O’Neill Form Design Aaron Varner, Esq. Technology Gregor Weeks, Esq. SmartLegalForms is an imprint of SmartLegalForms®, Inc. SmartLegalForms is a trademark of SmartLegalForms®, Inc. Estate Planning Guide / by SmartLegalForms, Inc. – 3rd Ed. Copyright © 2017 by SmartLegalForms, Inc. ALL RIGHTS RESERVED. PRINTED IN THE U.S.A. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Please note this self-help guide book is not a substitute for personalized legal advice from a lawyer who practices in the jurisdiction where you live. We do not provide legal advice. You can purchase legal advice on-line from an attorney for a fixed fee at: http://www.directlaw.us. 2 | Page Table of Contents Welcome! ............................................................................................................................. 4 When a Will Is Not Enough................................................................................................... -
Dependent Disclaimers Katheleen R
University of Oklahoma College of Law From the SelectedWorks of Katheleen R. Guzman Fall 2016 Dependent Disclaimers Katheleen R. Guzman Available at: https://works.bepress.com/katheleen_guzman/11/ guzman, katheleen 12/4/2017 For Educational Use Only DEPENDENT DISCLAIMERS, 42 ACTEC L.J. 159 42 ACTEC L.J. 159 ACTEC Law Journal Fall, 2016 Katheleen R. Guzmana1 Copyright © 2016 by The American College of Trust and Estate Counsel. All Rights Reserved.; Katheleen R. Guzman *159 DEPENDENT DISCLAIMERS I. INTRODUCTION Intent, delivery, and acceptance.1 The first two can be pressed at a donor’s choice; with the last one, the donee can brake. In this regard, inter vivos gift theory reflects symmetrical propositions: just as no one can be forced to make a gift, none can be forced to accept one. The same holds true for estates. Under the twin theories of renunciation and disclaimer,2 would-be takers may refuse to accept a devise or inheritance,3 simultaneously rejecting a right to acquire and exercising a right to avoid. Such refusal again reflects evenness of form, for in the very act of disclaiming inheres the enrichment of someone else. It might initially seem odd that one would reject another’s largesse or the status of being deemed heir. But ownership carries both value and cost, and acquisition is personal choice. Refusal will sometimes occur. *160 Where the rejecter is also the would-be owner, the disclaimer is both clean and direct, and is a relative commonplace within estates law to attain tax efficiency or avoid a creditor’s claim. -
26. Uniform Disclaimer of Property Interests Act
CHAPTER 8.1 26. UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT. Drafting note: Existing Chapter 8.1 has been relocated to proposed Subtitle V due to its applicability to both probate and nonprobate transfers. Existing Chapter 8.1 is based on the Uniform Disclaimer of Property Interests Act promulgated by the National Conference of Commissioners on Uniform State Laws in 1999 as both a stand-alone act and a part of the Uniform Probate Code. Virginia enacted the Act in 2003. There is little variation between the language of the Act as promulgated and as adopted in Virginia. § 64.1-196.1 64.2-2600. Definitions. In As used in this chapter: "Disclaimant" means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made. "Disclaimed interest" means the interest that would have passed to the disclaimant had the disclaimer not been made. "Disclaimer" means the refusal to accept an interest in or power over property. "Fiduciary" means a personal representative, trustee, agent acting under a power of attorney, or other person authorized to act as a fiduciary with respect to the property of another person. "Jointly held property" means property held in the name of two of more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property and includes, without limitation, property held as tenants by the entirety. "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation, or any other legal or commercial entity. -
Wills and Trusts (4Thed
QUESTION 6 On January 5, 1990, Debra Duncan completed a printed form will. Frank Fellows and Gail Garven, two of Debra's co-workers, witnessed the will in Debra's presence and in the presence of each other. Neither read the will nor knew its contents. The completed will read: [Debra's handwritten additions are in bold] LAST WILL AND TESTAMENT I, Debra Duncan, a resident of Smalltown in the county of Orange of the State of Generality, being of sound and dsposing mind and memory, do make, publish and declare this my last WILL AND TESTAMENT, hereby revoking and making null and void any and all other Wills and Codicils heretofore made by me. FIRST, All my debts, funeral expenses, and any Estate or Inheritance taxes shall be paid out of my Estate, as soon after my death as shall be convenient. SECOND, I give, devise and bequeath, my 1989 Ford Escort to Frank Fellows and all my investments to Martha Murdo. THIRD, I nominate and appoint Sally Smith of Smalltown as the executor of this my Last Wlll and Testament. In Testimony Whereof, I have set my hand to this, My Last Will andTestarnent, on this 5th day of January, in the year 1990. IS/ Debra Duncan The foregoing instrument was signed by Debra Duncan in our presence who at her request and in her presence and in the presence of each other have subscribed our names as witnesses. Is/ Frank Fellows Dated this 5th day of January 1990. Is1 Gail Garven Dated this 5th day of January 1990. -
STEVE R. AKERS Bessemer Trust Company, NA 300
THE ANATOMY OF A WILL: PRACTICAL CONSIDERATIONS IN WILL DRAFTING* Authors: STEVE R. AKERS Bessemer Trust Company, N.A. 300 Crescent Court, Suite 800 Dallas, Texas 75201 BERNARD E. JONES Attorney at Law 3555 Timmons Lane, Suite 1020 Houston, Texas 77027 R. J. WATTS, II Law Office of R. J. Watts, II 9400 N. Central Expressway, Ste. 306 Dallas, Texas 75231-5039 State Bar of Texas ESTATE PLANNING AND PROBATE 101 COURSE June 25, 2012 San Antonio CHAPTER 2.1 * Copyright © 1993 - 2011 * by Steve R. Akers Anatomy of A Will Chapter 2.1 TABLE OF CONTENTS PART 1. NUTSHELL OF SUBSTANTIVE LAW REGARDING VALIDITY OF A WILL................................................................. 1 I. FUNDAMENTAL REQUIREMENTS OF A WILL. 1 A. What Is a "Will"?. 1 1. Generally. 1 2. Origin of the Term "Last Will and Testament".. 1 3. Summary of Basic Requirements. 1 B. Testamentary Intent. 1 1. Generally. 1 2. Instrument Clearly Labeled as a Will.. 2 3. Models or Instruction Letters. 2 4. Extraneous Evidence of Testamentary Intent.. 2 C. Testamentary Capacity - Who Can Make a Will. 2 1. Statutory Provision. 2 2. Judicial Development of the "Sound Mind" Requirement.. 2 a. Five Part Test--Current Rule.. 2 b. Old Four Part Test--No Longer the Law.. 2 c. Lucid Intervals. 3 d. Lay Opinion Testimony Admissible.. 3 e. Prior Adjudication of Insanity--Presumption of Continued Insanity. 3 f. Subsequent Adjudication of Insanity--Not Admissible. 3 g. Comparison of Testamentary Capacity with Contractual Capacity. 4 (1) Contractual Capacity in General.. 4 (2) Testamentary and Contractual Capacity Compared. 4 h. Insane Delusion. -
Uniform Trust Code Final Act with Comments
UNIFORM TRUST CODE (Last Revised or Amended in 2010) Drafted by the NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS and by it APPROVED AND RECOMMENDED FOR ENACTMENT IN ALL THE STATES at its ANNUAL CONFERENCE MEETING IN ITS ONE-HUNDRED-AND-NINTH YEAR ST. AUGUSTINE, FLORIDA JULY 28 – AUGUST 4, 2000 WITH PREFATORY NOTE AND COMMENTS Copyright © 2000, 2010 By NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS April 10, 2020 1 ABOUT NCCUSL The National Conference of Commissioners on Uniform State Laws (NCCUSL), now in its 114th year, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law. Conference members must be lawyers, qualified to practice law. They are practicing lawyers, judges, legislators and legislative staff and law professors, who have been appointed by state governments as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands to research, draft and promote enactment of uniform state laws in areas of state law where uniformity is desirable and practical. $ NCCUSL strengthens the federal system by providing rules and procedures that are consistent from state to state but that also reflect the diverse experience of the states. $ NCCUSL statutes are representative of state experience, because the organization is made up of representatives from each state, appointed by state government. $ NCCUSL keeps state law up-to-date by addressing important and timely legal issues. $ NCCUSL’s efforts reduce the need for individuals and businesses to deal with different laws as they move and do business in different states. -
Joint, Totten Trust, and P.O.D. Bank Accounts: Virginia Law Compared to the Uniform Probate Code J
University of Richmond Law Review Volume 8 | Issue 1 Article 4 1973 Joint, Totten Trust, And P.O.D. Bank Accounts: Virginia Law Compared to the Uniform Probate Code J. Rodney Johnson University of Richmond Follow this and additional works at: http://scholarship.richmond.edu/lawreview Part of the Antitrust and Trade Regulation Commons, and the Banking and Finance Law Commons Recommended Citation J. R. Johnson, Joint, Totten Trust, And P.O.D. Bank Accounts: Virginia Law Compared to the Uniform Probate Code, 8 U. Rich. L. Rev. 41 (1973). Available at: http://scholarship.richmond.edu/lawreview/vol8/iss1/4 This Article is brought to you for free and open access by UR Scholarship Repository. It has been accepted for inclusion in University of Richmond Law Review by an authorized administrator of UR Scholarship Repository. For more information, please contact [email protected]. JOINT, TOTTEN TRUST, AND P.O.D. BANK ACCOUNTS: VIRGINIA LAW COMPARED TO THE UNIFORM PROBATE CODE.t J. Rodney Johnson* Litigation involving the survivorship rights of parties to joint ac- counts has been before the Supreme Court of Virginia on ten occa- sions since 1955.' These ten cases, plus one older one,2 constitute all of Virginia's case law on this subject. Instead of attempting a chron- ological analysis of the development of this case law, it is proposed to state such rules as now exist and compare them with the results that would be obtained under the new Uniform Probate Code.3 In addition, attention will be focused on the statutes that deal with the rights of parties and financial institutions in deposit accounts to see how they compare with their counterparts under the UPC. -
A Guide to Estate Planning (Pdf)
BOSTON CONNECTICUT FLORIDA NEW JERSEY NEW YORK WASHINGTON, DC www.daypitney.com A Guide to Estate Planning THE IMPORTANCE OF ESTATE PLANNING The goal of estate planning is to direct the transfer and management of your property in a way that makes the most sense for you and your family. While this may sound simple enough, it is only through careful planning that you can achieve this result. Without careful planning, your property may pass on your death to unintended beneficiaries or may be reduced unnecessarily by transfer taxes. While planning for your death is a significant part of the planning process, estate planning addresses more than just the transfer of your assets upon your death. Your estate plan may also provide for the transfer of assets during your lifetime through gifts. In addition, prudent planning may involve planning for the current management of your assets in the event you become incapacitated or desire independent management of your assets as a matter of convenience. There are a number of considerations that drive the estate planning process. Family considerations are important. For example, you must consider not only whom you want to receive your assets but when and how. Should your children receive their inheritance outright, or should it be managed for their benefit in trust? When should the trust terminate? Should your spouse be a beneficiary? Who should serve as trustee? Does a program of lifetime gifts make sense? Perhaps just as important as the family considerations are the tax considerations. There are federal and state transfer taxes that apply to lifetime gifts and transfers at death. -
Disclaimer of Interest Affidavit
Disclaimer Of Interest Affidavit Crenulate Xever sometimes evanescing any recovery importunes huskily. If unridden or Lamarckian Ez usually scends his savior enjoy financially or filaceous.faceted inorganically and understandingly, how exertive is Barret? Semi-independent Kenn outdwell very contestingly while Hartwell remains mercurial and No breach of duty nor wrongdoingneed be in question for a construction to be sought. No acceptance by the renouncing party. Inability to administer effectively. Nothing herein are divorced or a physician as if bond not intended beneficiaries. For interest who died? Should also be known by affidavit is not interests, interest at death. Reports can celebrate private benefit public, and dead can even redirect to every after submission. Once the probate process is present, ensure that county the documents associated with your inheritance are stripe and stored in gun safe place. Get a property and affidavits filed with no value your advance, decedents biological and conservatorship proceedings; and other types where a refund such interest. You offer you wish for transfer fail, conditions under this added or disabilities incurred and therapeutical treatment would make sure that enact it. Contain other provisions as you principal to specify regarding the implementation of direct health care decisions and related actions by multiple mental self care agent. Is Cancellation of Debt Income? An act by which it is intended to create an interest in real or personal property whether the act is intended to have inter vivos or testamentary operation. What is the fifth letter of the alphabet? The disclaimant does not accept the interest or any of its benefits. -
What Is Estate Planning?
Trust issues For long-term family financial security, estate planners often recommend using a trust for What is asset management. A trust can provide flexible protection across multiple generations as well Estate Planning? as professional investment management of assets. Related questions concern whom you should entrust with settlement of your financial affairs. Who will settle your estate, supervising the implementation of the terms of your will? If you decide upon trust-based wealth management, who will be the trustee? Who, with the necessary expertise, will be available to see to it that your wishes for your wealth are carried out? These are important questions, and it’s too easy to put off answering them. For the sake of your beneficiaries, and for your own peace of mind, take care of your estate planning soon. Wealth Management Headquarters 801 S. Figueroa St., Suite 2300 Los Angeles, CA 90017 1-888-202-2089 www.ctbcwm.com Staple your business card here Wealth Management What is estate planning? Inventory your assets • If the inheritance is delayed, who will manage the assets in the meantime? You have an estate plan in place, right now. Even if you What do you own and, just as important, how do you haven’t taken the important first step of having a will own it? Three categories of ownership need to be Beneficiaries may be identified specifically or generally, drafted, you already have an estate plan, because every taken into consideration, each with a different place in that is, “Dick, Jane and Sally” or “my children.” Wills state has a property management plan that takes over the estate plan. -
Totten Trust Account Application and Agreement (Payable on Death)
Totten Trust Account Application and Agreement (Payable on Death) Trust Title: Depositor/Member Name(s) Account Number: _________________________ In Trust For _____________________ Beneficiary Name Use this space to list the names of any additional beneficiaries. You may list up to 4 beneficiaries on a single Totten Trust Account. _____________________________ DEPOSITOR INFORMATION Name: (LAST) (FIRST) (M) Address: (STREET) (CITY) (STATE) (ZIP CODE) Social Security Number ______________________ Date of Birth Phone Number 1: _________________ Phone Number 2: Membership Eligibility Name of Your Attorney Do you have a Will? Yes / No If Yes, who has possession of your will? JOINT DEPOSITOR INFORMATION Name (LAST) (FIRST) (M) Address (STREET) (CITY) (STATE) (ZIP CODE) Social Security Number ______________________ Date of Birth Phone Number 1: _________________ Phone Number 2: Name of Your Attorney Do you have a Will? Yes / No If Yes, who has possession of your will? BENEFICIARY INFORMATION Name (LAST) (FIRST) (M) Address (STREET) (CITY) (STATE) (ZIP CODE) Social Security Number ___________________ Date of Birth Home Phone # __________________________ Business Phone # BENEFICIARY INFORMATION Name (LAST) (FIRST) (M) Address (STREET) (CITY) (STATE) (ZIP CODE) Social Security Number ___________________ Date of Birth Home Phone # __________________________ Business Phone # BENEFICIARY INFORMATION Name (LAST) (FIRST) (M) Address (STREET) (CITY) (STATE) (ZIP CODE) Social Security Number ___________________ Date of Birth Home Phone # __________________________