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Flashcards in Wills Deck (55)
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Valid will requirements

1. 18 and competent
2. Sign at end of document
3. In presence of 2 Ws or acknowledge his sig to 2 Ws
4. Ws must sign w/n 30 days of each other
5. Testator must tell Ws it's a will

1

NY testamentary gifts called . . .

Dispositions

2

Four kinds of NY dispositions

Specific
Demonstrative
General
Residuary

3

Specific disposition

Gift of specific property

4

General disposition

Money from the general estate

5

Demonstrative disposition

Money from a specific source.
- shortfall made up from general funds

6

Priority of debts owed by estate

1. Specific
2. Demonstrative
3. General
4. Residual
5. Intestacy

7

NY Anti-Lapse Statute

No lapse if testator's sibling/issue but only if the predeceasing beneficiary has issue of his own.

8

If residuary beneficiary lapses . . .

Estate goes by intestacy

9

Intestate share of SS

1. No issue --> Everything
2. Issue --> 50K + 1/2 of the rest of the estate

10

Abandonment precluding SS intestate share

1. Voluntary
2. Permanent
3. W/o consent of abandoned spouse

11

NY simultaneous death

If spouses die 120 hrs (5 days) of each other, they are presumed to have died simultaneously

12

NY Intestate share of issue

Per capita at each generation
"equally near, equally dear"
- Divide, Distribute, Re-bundle, Divide Again

13

Who count's as issue

1. Natural children
2. Post-humously born children
3. Adopted children

14

When can adopted child inherit through natural parent?

1. Decedent was the adopted child's grandparent or descendant of grandparent
2. Adoptive parent is married to child's bio parent

15

When can wedlock child inherit from father . . .

1. Marriage - F later married bio mom
2. Behavior - F held out child as his own
3. Blood test - while F alive
4. Adjudication - while F alive
5. Writing - F made doc acknowledging paternity

16

Intestate priority of remote collaterals

1. Parents
2. Issue of parents
3. Grandparents
4. Issue of grandparents

17

NY purging statute

If W is a beneficiary in the will, W's share is purged (in excess of W's intestate share)

18

Modifications to a will

Codicil

19

Valid codicils

Must comport with all will formalities

20

Modification of will act formalities

Integration
Incorporation by reference ( NOT NY)
Acts of independent legal significance

21

Will substitutes

Revocable trusts
Pour over wills
Bank accounts for another's benny
Ks w/ payable on death provisions
Life Insurance
Joint tenancies
Totten trusts
Gifts causa mortis

22

Subsequent will vs codicil

If a later will is not entirely inconsistent w/ prior will, it is only a codicil

23

Methods of will revocation

1. Subsequent testamentary instrument
2. Divorce
3. Physical act

24

Revocation of a codicil

Revives original will

25

Revocation by physical act

1. Any act of destruction
2. Material portion
3. W/ intent to revoke

26

Presumption of destruction by physical act

1. Will last in testator's possession
2. Cannot be found after death

27

Ademption

Disposed property no longer in estate at time of death

28

3rd party revocation by physical act

1. At testator's direction
2. In testator's presence
3. Proved by 2 Ws

29

Court avoidance of ademption

1. Interpret the disposition as general instead of specific
2. Treat extinction as change in form not substance