Wills, trusts, and estate administration concepts tested on the bar exam.
36 cards · basic cards · AI-written, checked twice. Edit anything.
- What three capacities must a testator possess to execute a valid will?
- Know the nature and extent of property, know the natural objects of bounty, and know the disposition being made.
- Define a holographic will.
- A will written entirely in the testator's own handwriting, without witnesses, permitted in some jurisdictions.
- What is a nuncupative will?
- A will made orally in the presence of witnesses, typically allowed only when the testator faces imminent death.
- How many witnesses does a formal attested will require in most jurisdictions?
- Two witnesses, present simultaneously, who see the testator sign and know it is a will.
- What is a self-proving affidavit?
- A notarized statement by witnesses verifying proper execution, eliminating the need to call witnesses at probate.
- What is the doctrine of revival?
- A revoked will is reinstated if the later will that revoked it is itself revoked.
- Distinguish probate property from non-probate property.
- Probate property passes through the estate; non-probate property transfers directly to beneficiaries outside probate, such as joint accounts and life insurance proceeds.
- What is an elective share?
- A statutory right allowing a surviving spouse to claim a portion of the estate regardless of the will's provisions.
- In intestacy, what is the typical order of succession?
- Spouse and descendants, then descendants only, then parents, then siblings, then grandparents, then aunts and uncles.
- Define per stirpes succession.
- Heirs inherit by representation through their deceased ancestor; a predeceased heir's share goes to that heir's children.
- Define per capita succession.
- Each member of the same generation takes an equal share; a predeceased member's share is divided among surviving members of that generation, not their descendants.
- Who is a settlor in a trust?
- The person who creates the trust and transfers property into it.
- What is a resulting trust?
- An implied trust arising when property is transferred and the transferor's intent is unclear, used to prevent unjust enrichment.
- What is a constructive trust?
- An equitable remedy imposed by a court to prevent unjust enrichment, based on the circumstances and conduct of the parties, not the settlor's intent.
- What does a spendthrift clause do?
- It prohibits beneficiaries from transferring their trust interests and prevents creditors from reaching a beneficiary's interest.