This is chapter 9 of the course LA 201. This chapter covers Estate Planning, including wills, trusts, and probate. These notes are very thorough, organized, and color-coded. They include notes taken from the book (black) and notes from in class (red). I made an A in this class and made 100's or abo...
What is an Estate?
● The legal entity created to have legal title to your stuff after you die until we figure out what to do with it
● This area of law, if practiced well, does not involve disputes because we engage in Estate Planning
● Estates are used to distribute property to heirs and to pay debts of the decedent (debts, generally, take priority over
inheritance)
● The legal process of dealing with your stuff after your death is called probate
Will- document by which an individual provides for the distribution of his or her property upon death
● A writing
● Provides binding legal instructions
Witnessed- a document is witnessed when the witness signs his or her name attesting that he or she observed the execution of a
particular document or instrument
Real Property- land, including anything affixed to the land or growing upon the land
Personal Property- goods and money
Testator/Testatrix- a person who has made a will; a testator is a man, testatrix is a woman
● "The Last Will and Testament of John Smith"
Types of Wills:
Formal Will- the type usually prepared by attorneys; needs witnesses
● Subscribe- to sign one's name at the end of a document
● Acknowledge- to affirm that a document is genuine
● Beneficiaries- a person named in the will who will benefit from a transfer of specific property; cannot be a witness
● This kind of written document manifests testamentary intent- shows that it is clearly a will and not some other kind of writing
● Typed wills must be witnessed
● Must be dated
● Beneficiary may act as the executor
Holographic Will- handwritten by the testator; does not need a witness
● Also must be subscribed
● Also must be dated
Nuncupative Will- an oral will made by one on his or her deathbed
● Not valid in every jurisdiction
● Disfavored
● In Mississippi, an oral will is only valid if made during the testator's "final illness" and must be witnessed by two disinterested
persons
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller emmagheathcott. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.49. You're not tied to anything after your purchase.
