Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

UBE > Trusts, Wills, Estates > Flashcards

Trusts, Wills, Estates Flashcards

(61 cards)

Start Studying
1
Q

What is a nonprobate property

A

Property that does not pass through probate and is not governed by will or intestacy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is probate?

A

a judicial process of administering a dead person’s estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is inter vivos gift

A

gift given while alive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what law governs distributions?

A

Real property - law of state where real property is situated
Personal property - law of state of death
In marriage – law of state where the property was acquired

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Requirements for a valid attested will

A
  1. in writting
  2. intent
  3. signed by the testator at the end
  4. two attesting witnesses
  5. testator sign the will in each of the witnesses’ presence
  6. the witnesses sign in testator’s presence
    in UPC, can use 1 notary instead of 2 witnesses.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Can an interested witness attest to a will?

A

CL - will is invlaid
modern view – will is valid but witness’s bequest may be void
UPC - totally normal and valid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

3 types of wills

A

Execution or attested will
Holographic wills
Oral wills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

exceptions to interested witnesses?

A

creditors
fudiciaries (trusties)
attorneys

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Requirements for a valid holographic will

A

Must be in handwriting. (or at least all material parts)
Signed (anywhere)
Witnesses needed in 50% of states.
Can be modified later

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

2 Exceptions to wills being signed?

A

proxy signature (at a direction of the testator)
signature on self-proving affidavit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is a Devise?

A

gift of real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a Bequest?

A

gift of personal property
Specific bequest - property easily identifiable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is Legacy?

A

gift of personal property not sufficiently described (usually money)
Demonstrative legacy - an amount paid from identifiable source

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is ademption

A

When gift fails because property is no longer in testator’s estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is advancement?

A

A gift for life that with intent that gift be applied as a share of inheritance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Ademption by satisfaction

A

a gift inter vivos with intent to satisfy part or a whole of a testamentary gift (legacy more often).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is the purpose of anti-lapse statute

A

Allows the gift to go to the descendants of the beneficiary if the beneficiary predeceased the testator. But only applies to relatives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is a codicil?

A

An amendment to an existing will (must be executed with same formalities)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is an intergration requirement?

A

the person probating the will must be able to show that all pages are the same.
Clip together, page numbering, no blanks, initial each page, same font.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are reciprocal or mutual wills

A

separate wills with similar language.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

3 types of will revocations

A

By operation of law
by physical act
by subsequent writing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What effect of a marriage after will execution?

A

Most states - no effect
UPC - spouse may receive intestate share unless clear evidence of intentional omission from will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is a revival?

A

Revival is a 3rd document that revokes 2nd document that revoked 1st will.
3 approaches: valid; invalid; intent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is an implied conditional revocation

A

Implied revocation of will 1 if will 2 is executed with contradicting terms and without explicit Claude revoking will 1.
If will 2 is invalid, will 1 will be presumed to be valid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What is a pretermitted child statute?
A statute that allows a child (born after death) to inherent a share unless 1)omission was intentional OR the 2) entire state is left to pretermitted child's parent OR 3) testator provided for pretermitted child
26
What are the elements of undue influence?
the influence was exerted such that overpowered the mind and free will causation
27
When does presumption of undue influence exist?
Confidential relationships between testator and a beneficiary; AND Beneficiary was involved in drafting or execution Some states require unusual disposition of property
28
Elements of Fraud
false representaition knowledge of falsity Reasonable reliance Causation
29
Rights and duties of a trustee?
The trustee holds a legal title to the property and owes fiduciary duties to beneficiaries
30
Who is a beneficiary?
The beneficiary holds equitable title
31
Who is a settlor?
The settlor creates the trust (a.k.a. trustor; grantor; donor).
32
What are the 5 elements of trust validity?
1) intent 2) identifiable corpus (property that is actually conveyed!!) 3) ascertainable beneficiaries 4) proper purpose 5) compliance with mechanics and formalities
33
What are the types of trusts
inter vivos: 1) declaration of trust: settlor and trustee are same person 2) transfer or conveyance in trust: settlor transfers legal title to X Testamentary trust 1) By valid will
34
How to convey a property to set up a trust
real estate -- must convey a deed (even from S to S if S is also a T) tangible property -- physical conveyance other property - place out of the S's legal control
35
Is beneficiary's interest freely transferable?
Yes, unless restricted by statute or law. NOTE: if trustee has discretion as to how much to give beneficiary, beneficiary only have hopes of getting money, thus cannot transfer (but child support can reach the money, maybe even tort victims)
36
What is a spendthrift trust?
precludes beneficiaries from selling or giving away their interest in the trust. Purpose: creditors can't get to it. Minority of states allow self-settled spendthrift trusts
37
Can the settlor revoke or modify the trust?
Yes, unless trust instrument expressly restricts it
38
Multiple trustees must exercise their trust powers
by majority vote
39
what is a duty of loyalty?
prohibition on self-dealing
40
What are trustee's duties?
duty to act in good faith duty of loyalty duty to keep records duty to render accounting duty to not commingle property (label property and keep it separate) prudent investor rule
41
Damages recoverable for breach
lost profits depreciation of trust property trustee's profits from breach
42
Defenses to breach
reasonably relied on terms of trust; or beneficiaries consented settlor consented exculpatory clause relieves trustee from liability (generally, exculpate only negligent conduct)
43
Is trustee personal liable to 3rd parties?
Yes, they will be personally liable for contracts they sign (unless contract exculpates them) In any event, trustee can sue for indemnification
44
Can a beneficiary sue 3rd party for damaging trust property?
No. Beneficiary may only sue trustee to compel trustee to sue the 3rd party
45
Is trustee liable for its agent's conduct?
No, no vicarious liability. But, can sue on a claim of negligent hiring
46
What is adjustment power?
allows a trustee to adjust between principal and income to further the settlor's intent.
47
What is the difference between income and principal
money from selling assets, insurance policy, stock -- principal. rent, dividend, interest -- income "wasting assets" e.g. natural resources --10% income, 90% principal
48
What is a Cy Pre Doctrine
equatible doctrine that allows court to select alternative charitable purpose "as near as possible" when the original purpose is frustrated
49
Who can enforce a charitable trust
State attorney general have a power to enforce charitable trusts
50
Does the rule against perputities apply to trusts?
Yes, but not to charitable trusts.
51
what is a honorary or purpose trust
A trust not to a human being and not for charitable purpose
52
what is a resulting trust?
arise by implication from settlor's conduct. Usually when the trust is invalid or its purpose has been exhausted. Benefit goes ONLY to settlor or its heirs
53
what is a constructive trust?
It is an equitable remedy to prevent unjust enrichment resulting from: 1) wrongful conduct 2) abuse of confidential relationships 3) breach of promise
54
what is a slayer statute
A slayer (killer) cannot get property from trust
55
Is trust a separate legal entity?
No. cannot be sued or sue
56
Who can terminate a trust?
1. if the trust purposes are accomplished, illegal or impossible to carry out 2. if all beneficiaries consent and it does not interfere with a material purpose of the trust
57
What is a Classic per stirpes method of computing intestate shares?
58
What is a Per Capita with Representation method of computing intestate shares?
Majority rule - the property is divided into equal shares at the first generational level at which there are living takers
59
60
Tucker executed a will provided for his wife and his step child. 5 years later they divorced. 5 years later Tucker died. Under CL, is step child going to inherit?
Yes, under CL, divorce only voids the ex-spouse's rights in the will. Some states adopted a statute (UPC) that voids beneficiary rights of ex-spouse's relatives.
61
What is a Per Capita at Each Generational Level method of computing intestate shares?
Modern Trend -- under UPC, shares are combined and divided equally at all levels with living takers.

UBE (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions