Limits on Freedom of Disposition Flashcards
If a will does not provide for a surviving spouse who married the testator after his will was executed, may an amendment to the testator’s living will be offered to rebut the presumption of revocation that arises under Nevada law?
No. The only evidence that may be offered to the rebut the presumption of revocation that arises under Nev. Rev. Stat. 133.110 when a will does not provide for a surviving spouse who married the testator after the will was executed is: (1) a marriage contract providing for the spouse, (2) a provision in the will that provides for the surviving spouse, or (3) a provision in the will that indicates the testator’s intention to exclude the surviving spouse.
Where a child born after execution of the decedent parent’s will is omitted from that parent’s will, is that child entitled to an intestate share under the omitted child statute if the decedent parent omitted all of his children and left the entire estate to the omitted child’s other parent?
No. A child born after execution of the decedent’s will is not entitled to an intestate share under the omitted child statute if the decedent parent omitted all children living at the time of executing the will and left the entire estate to the omitted child’s other parent.
living trust
allows person to place property into trust while alive –> and direct where property goes when they die
Is a purchase of property from the executor of an estate by his wife, without leave of the court, illegal and void?
Yes. It is well settled that an executor, like a trustee, cannot purchase from himself without leave of the court and the same limitation is imposed on a purchase by his wife. Thus, a purchase of property from the executors of an estate by one of the executors’ wives is illegal and void.
Does Oklahoma’s pretermitted-heir statute apply to a revocable inter vivos trust?
No. Oklahoma’s pretermitted-heir statute does not apply to a revocable inter vivos trust. The pretermitted-heir statute provides that a person who is unintentionally omitted from a parent’s will is entitled to a share of the estate.
May a trustee who is acting in good faith engage in self-dealing if the trust suffers no injury as a result?
No. The general rule of equity that a trustee must only deal with the trust property as trustee, and not in an individual capacity, applies regardless of the trustee’s good faith and whether the self-interested transaction causes injury to the trust.
If a will’s executor sells estate property for inadequate value due to a conflict of interest, is the sale void and the executor liable for the property’s appreciated value at the time of trial?
Yes. If a will’s executor sells estate property for inadequate value due to a conflict of interest, the sale is void, and the executor is liable for the property’s appreciated value at the time of trial.
Under the no-further-inquiry rule, a court may order rescission of a self-dealing transaction without considering the transaction’s fairness. With respect to damages, if a trustee is authorized to sell property, and the trustee’s only breach of trust is selling the property for too little, the trustee is liable for the property’s value at the time of the sale less the value the trustee received for underselling it.
Date-of-sale damages are appropriate if trustees have an authorization to sell property, rather than a duty to retain it.
