1. Wills, Trusts and Estates Chapter 19

2. What is a will? A legal expression, usually in writing, by which a person directs how their property is to be distributed after death A legal expression, usually in writing, by which a person directs how their property is to be distributed after death Estate – property of the deceased Decedent – deceased person

3. Death without a will Those who die without a valid will are said to have died intestate Those who die without a valid will are said to have died intestate The court will appoint a representative known as an administrator to take charge of the intestate’s property The court will appoint a representative known as an administrator to take charge of the intestate’s property

4. Typical Distribution 1. Spouse and children 2. Grandchildren 3. Parents 4. Brothers and Sisters

5. Death with a will Those who die with a valid will are said to have died testate Those who die with a valid will are said to have died testate The creator of the will is known as the testator The creator of the will is known as the testator Executor – representative named to carry out the directions of the will

6. What is a Living will? Used to direct a physician regarding choice of life-support, terminal illness or vegetative state Used to direct a physician regarding choice of life-support, terminal illness or vegetative state

7. Creation and execution 1. Testamentary intent - clear intention to make a will Free of all pressure/ undue influence Free of all pressure/ undue influence

8. Creation and execution 2. Testamentary capacity Must know/understand… The kind and extent of property involvedThe kind and extent of property involved The persons who stand to benefitThe persons who stand to benefit That they are making arrangements to dispose of their property after deathThat they are making arrangements to dispose of their property after death

9. Creation and execution 3. In most states, a will must be in writing Signing must be witnessed by at least two adultsSigning must be witnessed by at least two adults No witness can be one who will inherit under the willNo witness can be one who will inherit under the will

10. Amendment of a will Codicil – formal, written and witnessed amendment Wills are to be kept up to date with life changes (ie. marriage, divorce, birth of children, etc.) Wills are to be kept up to date with life changes (ie. marriage, divorce, birth of children, etc.) Same rules to creating a will apply to a codicil Same rules to creating a will apply to a codicil

11. Types of wills Holographic will – a written will created entirely by the makers own hand and signed (not witnessed) Nuncupative will – oral will (recognized in some states) Must be witnessedMust be witnessed Distribution of property limitedDistribution of property limited

12. If there are NO inheritors, the property of the deceased escheats (is given to the state)