Wills Trusts Estates Final

Court supervised administration of an estate

Ownership with automatic right of survivorship

Ownership that does not have automatic right of survivorship

Gift

1. liability in case of being sued 2. Avoid expense of probate 3. Be appreciated while still alive 4. Avoid taxes if in lower tax bracket

1. Present donative intent 2. delivery 3. acceptance

1. actually- hand the physical item over 2. constructive- like a deed when physical item can not be given or key to deposit box 3. Gift causa mortis- gift given right before death, a will cannot trump it becuase it is a intervivos gift (void if not deceased) 4. Stmbolic- if you do not have the asset at hand may do something like sign a document

1. You cannot revoke gift later 2. Leverage lost because gift has already been given

1. Joint Tenancy ownership 2. Trusts 3. Gift causa mortis 4. intervivos gifts 5. insurance policy, pension benefit 6. POD accounts

Wage earnings earned during marriage by either spouse (9 states only)

Bequest: real property Devise: Personal property Legacy: cash

50% wife, 50% child

Wife 1/3, children 2/3 split equally

Surviving spouse gets community property absent a will. With will decedent can give his 50% to whoever he wants

Do not ignore first generation if all have predeceased decedent