1. Wills and Inheritance
Unit 24

2. Preview Definitions: inheritance, will
Conditions for a valid will: form, substance
Testamentary capacity
Beneficiaries
Estate, assets
Challenging a will
Intestacy
Legal terms

3. Inheritance Law
Inheritance Law (sometimes called Wills and Probate) is concerned with the distribution of a person’s property following their death
This may occur either in accordance with the provisions of a will, or under applicable rules relating to intestacy (when a person dies without a will)

4. Will
A document by which a person directs what should happen to their property after their death

5. Will A will must be made: 1) in writing,
2) signed by the testator (the person making the will),
3) witnessed by at least two witnesses

6. Validity of a will The testator must: 1. have testamentary capacity
2. make the will of his own free wishes without any undue influence

7. Testamentary capacity
The ability to make a legally valid will
Persons under 18 years of age and mental patients do not have testamentary capacity

8. Testamentary capacity
The testator must:
1. Understand the nature of the document
2. The property of which he is disposing
3. The persons who have a natural claim to provision from his estate
4. The manner in which he provides for his estate to be distributed

9. Undue influence
Influence that prevents someone from exercising an independent judgement with respect to any transaction

10. Undue influence
A will may be held invalid if it is shown that the testator made it under undue influence
It must be shown that unfair advantage has been taken of another person

11. Beneficiaries Persons who inherit property under a will
The property of a deceased person is known as their estate

12. Estate
The aggregate of all the property to which a person is beneficially entitled.
It covers not only tangible property, but also debts, and any rights capable of being reduced to a monetary value

13. Revocation and alteration of wills
A will can be revoked or altered in the following ways:
1. By making a new will that makes it clear that the previous will(s) are revoked
2. By destruction of the previous will
3. By marriage or divorce
4. By amendment (an attached codicil)

14. Challenging of a will A will may be challenged on the grounds that:
it was not properly executed
the testator lacked testamentary capacity
it has been revoked
it was fraudulent
undue influence

15. Intestacy
The state in which a person dies without having made a will disposing of all his property
To die intestate

16. Intestacy
In that case, the person’s property is distributed in accordance with the intestacy rules
The order of priority reflects the importance accorded to familial relationships: the surviving spouse is given the larger share of the estate

17. Probate
The official document which confirms that the will is valid and states who the executors are
Generally, the term probate is used to refer to the various laws and courts which deal with wills, intestacy, inheritance and disputes over estates

18. Freedom of disposition vs. forced heirship
Freedom of disposition – common law countries
Forced heir(ship) – civil law countries – a person whom the testator or donor cannot disinherit because the law reserves part of the estate for that person

19. Points to remember Definition of will Conditions for a valid will
Testamentary capacity

20. Legal terms Testator Oporučitelj Executor Izvršitelj oporuke
Beneficiary
Oporučni nasljednik
Heir
Zakonski nasljednik

21. Legal terms Legator oporučitelj Legatee Oporučni nasljednik
Pecuniary legatee
Nasljednik koji nasljeđuje gotovinu

22. Legal terms Testamentary capacity Oporučna sposobnost
Testamentary disposition
Oporučno raspolaganje

23. Legal terms Estate Ostavinska masa, imovina umrle osobe, ostavina
Bequest
A gift by will of property other than land

24. Legal terms
Assets
All real and personal property that forms part of the deceased’s estate and is available for the payment of the deceased’s debts; property which can be turned into cash
Imovina; ostavina; aktiva

25. Legal terms Legacy A gift of personal property by will; oporučni dar
Pecuniary legacy
Novčano nasljedstvo
Reversion
Vraćanje (prava, posjeda); prijenos ostavine

26. Legal terms
Probate
Ovjerena oporuka, sudska ovjera oporuke, ovjereni prijepis pravovaljane oporuke
Probate proceeding
Ostavinski postupak, ostavinska rasprava

27. Legal terms
Probate action
Ostavinska tužba

28. Legal terms Execution of will Izvršenje oporuke Revocation of will
Opoziv oporuke
Revoke a will
Opozvati oporuku

29. Legal terms Intestacy Nepostojanje oporuke To die intestate
Umrijeti bez oporuke
Intestate heir
Zakonski nasljednik

30. assets, draft, estate, testament
A last will and ___is a legal document that declares how an ___or property will be managed after the writer’s death. Although it is not the most pleasant subject to approach, it is essential for people to ___a will to ensure that their ___are handled in a satisfying way.

31. Key
A last will and testament is a legal document that declares how an estate or property will be managed after the writer’s death. Although it is not the most pleasant subject to approach, it is essential for people to draft a will to ensure that their assets are handled in a satisfying way.

32. Investments, minor, party, property
For those with __children, it is crucial to declare how ___or money will be used to provide for these children. For those with ___or accumulated savings, it is important to state the name a responsible ___ who will manage these funds.

33. Key
For those with minor children, it is crucial to declare how property or money will be used to provide for these children. For those with investments or accumulated savings, it is important to state the name a responsible party who will manage these funds.

34. beneficiaries, donations, debts, executor
Generally, a last will and testament should contain the name of an ___, information relating to one’s burial, payment of any___, any charitable___, bequests to ___and the list of the powers of the executor.

35. Key
Generally, a last will and testament should contain the name of an executor, information relating to one’s burial, payment of any debts, any charitable donations, bequests to beneficiaries and the list of the powers of the executor.

36. revokes, testator, validity, will witnesses
Additionally, a will must be typed or printed, signed by the maker, or ___and signed by ___who can attest to the ___ of the document. A __must state that the testator ___any previous wills or amendments to such previous wills.

37. Key
Additionally, a will must be typed or printed, signed by the maker, or testator, and signed by witnesses who can attest to the validity of the document. A will must state that the testator revokes any previous wills or amendments to such previous wills.

38. Capacity, demonstrate, duress, testator
The ___must demonstrate that the document was not created under ___or provocation. In other words, the testator must ___that the will was created willingly and freely by an individual with the mental___ to do so.

39. Key
The testator must demonstrate that the document was not created under duress or provocation. In other words, the testator must demonstrate that the will was created willingly and freely by an individual with the mental capacity to do so.

40. beneficiaries, debts, executing, party, probate
The will must name the ___or parties responsible for ___ the document under the supervision of the ___court. The will should name any ___and their entitlements. In addition, the will should explain how any outstanding ___will be paid.

41. Key
The will must name the party or parties responsible for executing the document under the supervision of the probate court. The will should name any beneficiaries and their entitlements. In addition, the will should explain how any outstanding debts will be paid.