Class 01 -- Introduction to Probate.current Flashcards
(15 cards)
What types of legal instruments are now necessary beyond just wills?
Wills, revocable trusts, durable power of attorney, health care power of attorney, advanced directives, funeral directive.
What is a significant change regarding property distribution today?
Most property can pass outside of probate.
What has changed regarding the definition of wealth over the last 500 years?
Wealth now primarily takes the form of personal property.
What is the role of trusts in controlling wealth?
Trusts allow donors to control wealth and family for several generations after death.
What is the Rule against Perpetuities?
A legal doctrine that limits how long property can be kept in a family.
What are the two legal boxes used in common law for property transfer?
- Probate Box
- Non-Probate Box
What characterizes the Probate Box?
Lawyer-centric, court-centric, expensive, and slow.
What characterizes the Non-Probate Box?
Property passes outside of probate, often involving non-lawyers.
What has led to the expansion of the Non-Probate Box?
Creation of more gifting causes of action, allowing transfer of property outside of probate.
What happens to the size of the Probate Box when the Nonprobate Box increases?
The Probate Box potentially becomes smaller
What is a ‘total’ estate plan?
An estate plan that integrates both probate and nonprobate assets
What does RUFADAA stand for?
Revised Uniform Fiduciary Access to Digital Assets Act
What is the ordered hierarchy of rules for accessing digital assets under RUFADAA?
- Online Tool by service provider
- Direction in written instrument (will, trust, etc.)
- Terms of service agreement
- Default RUFADAA rules
True or False: RUFADAA applies to private servers or hard drives.
False
What practical tasks may relatives and friends need to handle after someone’s death?
- Notifying Social Security
- Managing credit cards
- Handling email accounts
- Updating memberships and mailing lists
