1. Chapter 20 Wills, Trusts, and Estates
5/31/2018
Chapter 20 Wills, Trusts, and Estates
20-1 Property Distribution Upon Death
20-2 Trusts
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LAW

2. 20-1 Property Distribution Upon Death
GOALS
Differentiate between dying testate and dying intestate
Describe how a decedent’s property is distributed
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3. LEGAL ALTERNATIVES IN PROPERTY DISTRIBUTION
Death without a will
Death with a will
Creation and execution of a valid will
Amendment of a valid will
Special types of wills
Revocation of a will
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4. What does it mean to die intestate?
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5. DISTRIBUTION OF THE DECEDENT’S ESTATE
Procedure prior to distribution
Distribution
Without a will
With a will
If there are no inheritors
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6. What are the terms for the two ways in which the testator can distribute the estate among the lineal descendents?
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7. 20-2 Trusts GOALS Recognize the value of the trust instrument
Identify the various types of trusts
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8. PURPOSE AND CREATION OF TRUSTS
Trustee
Settlor
Beneficiary
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9. What is the legal term for the creator of a trust?
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10. TYPES OF TRUSTS Inter vivos v. testamentary trust
Charitable v. private trust
Express v. implied trust
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11. What is the difference between an inter vivos trust and a testamentary trust?
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12. PREVENT LEGAL DIFFICULTIES
In making provision for the distribution of your assets . . .
Be sure to make a legally proper and clear will. Dying intestate will result in the needless payment of various taxes and fees. Plus it will bring about the distribution of the assets of the estate in accordance with the state intestacy statute.
Keep your will updated. An unclear or out-of-date will may cause conflicts among your potential beneficiaries. This may leave lifelong hard feelings and cost a great deal in legal fees.
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13. PREVENT LEGAL DIFFICULTIES
A will can be changed or canceled at any time during the maker’s life. Avoid confusion as to which is the effective will by using an attorney. Be sure that any subsequent changes are properly executed and, if appropriate, nullify any existing will.
Consider utilizing a trust to insure fulfillment of your wishes for the management of your assets; both before and after death (inter vivos and testamentary trusts). Trusts are flexible, professional management can be utilized, and they can outlast the settlor.
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