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PRL 101 slides, Nov. 5
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Ted Major
November 05, 2015
Education
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PRL 101 slides, Nov. 5
CC-BY-SA
Ted Major
November 05, 2015
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Transcript
Wills, trusts, and estates creative commons licensed (BY) flickr photo
by Ken_Mayer: https://flic.kr/p/9wP4PN
creative commons licensed (BY) flickr photo by iowa_spirit_walker: https://flic.kr/p/4DQJXs In-class
will assignment
Estate Planning • Estate • Probate • Intestacy (without a
will) – Intestate succession – Heirs – Escheat
Wills • Requirements –Testamentary intent –Capacity • Nature of a
will • Nature of property • Objects of natural bounty • But: Lucid interval –Form • Revocation –Writing –Act
Formalities • In writing • Signed by testator • Two
witnesses –Witnessed signing or –Testator’s acknowledgement • Self-proved –Notarized signatures of testator and witnesses
Holographic wills • Unwitnessed will written entirely in testator’s handwriting
• Not valid in Alabama*
Nuncupative wills • Oral will witnessed at decedent's death •
Also called deathbed will • Not valid in Alabama
creative commons licensed (BY-NC) flickr photo by thorinside: https://flic.kr/p/idr98
Trusts • Beneficial ownership for another – Settlor donates property
to trust – Trustee has legal title to property – Beneficiary has beneficial use • Spendthrift Trust – Protected from Beneficiary’s creditors
Why use a trust? • Privacy • Control use of
money • Avoid creditors • Avoid probate • Tax planning
Will assignment Use form to draft will to distribute client's
estate