Wills

Question 1

Requirements to disclaim a bequest.

Answer 1

1.The disclaiming party cannot benefit from the property
2. Cannot direct any future interest in the property
3. Must disclaim the property within 9 months of the decedents date of death
4. Disclaimer must be in writing

Question 2

What are the common provisions in a will?

Question 3

Two methods of the Contingent Legatee Clause

Answer 3

Per Capita-“By the Head”
-Equal shares based upon the number of living beneficiaries. Heirs of the same generation get an equal share IF they are the only heirs.

Per Capita at Each Generation
-Heirs of the same generation ALWAYS get an equal share. Typically, one of the more preferred methods of leaving assets to heirs.

Per Stirpes-“By Representation” or “By the Roots”
-Directs that the grandchildren stand in for their deceased parent and get that share to split among themselves.

Question 4

No-contest Clause

Answer 4

Discourage disappointed heirs from contesting the will by substantiall decreasing or eliminating a bequest to them if they file a formal, legal contest to the will

Question 5

Revocation of Will

Answer 5

Testatot can destroy will, create new will, or write cancel across will

Question 6

Codicil

Answer 6

Supplement to a will
May be executed like a statutory will, which must be signed, properly witnessed, and notorized.
Used to modify, explain, or amend a will

Question 7

Side Instruction Letter

Answer 7

Details the testator’s wishes regarding the disposition of specific tangible possessions, as well as funeral and burial wishes.

Exists separately from the will

Question 8

Powers of Attorney

Answer 8

Legal Document that authorizes a trusted person to act on another’s behalf.