Transcript Power Point Ch. 9

Chapter Nine
Wills, Trusts, and Probate
The Will


The will is a document in which an
individual provides for the distribution
of his or her property upon his or her
death.
Wills come in all shapes and sizes.
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Upper Saddle River, NJ 07458. • All Rights Reserved.
Wills
(some vocabulary)

witnessed

holographic will

real property

nuncupative will

personal property

subscribe

testator

acknowledge

beneficiary
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© 2010 Pearson Higher Education,
Upper Saddle River, NJ 07458. • All Rights Reserved.
Preparation of a Will


Opening Clauses
 exordium clause
 revoke
Body of the Will
 bequest
 devise
 general legacy
 demonstrative legacy
 disinheritance clause
Introduction to Law, 4th Edition
Hames and Ekern
Fiduciary Clause
 fiduciary
 executor/executrix
 guardian
 trustee
Closing Clause
 testimonium clause
 attestation clause


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Upper Saddle River, NJ 07458. • All Rights Reserved.
Changing the Will


A will may be changed
Wills are often revoked or
changed
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© 2010 Pearson Higher Education,
Upper Saddle River, NJ 07458. • All Rights Reserved.
What is a Trust?
A trust is a document or instrument in
which one makes provisions for the
disposition of one’s property either
during one’s lifetime or after one’s
death.
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© 2010 Pearson Higher Education,
Upper Saddle River, NJ 07458. • All Rights Reserved.
How to Create a Trust
The title to property is divided into two
parts: legal title and equitable title.
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© 2010 Pearson Higher Education,
Upper Saddle River, NJ 07458. • All Rights Reserved.
Express Trusts
1.
Living Trusts
2.
Testamentary Trusts
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© 2010 Pearson Higher Education,
Upper Saddle River, NJ 07458. • All Rights Reserved.
Implied Trusts
Implied trusts are created by law.
A court may declare the title is held in
trust for the benefit of a person who
should possess the title. This is a
constructive trust.
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© 2010 Pearson Higher Education,
Upper Saddle River, NJ 07458. • All Rights Reserved.
What is Probate?
Probate is a court-supervised process
that take place after a person dies.
Probate results in title to the
decedent’s property being passed to
the heirs.
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© 2010 Pearson Higher Education,
Upper Saddle River, NJ 07458. • All Rights Reserved.