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Apr 3, 2020 · Anyone who creates a will for himself or herself is a testator or testatrix. These terms are just an old-fashioned way of distinguishing between a male and a female creator of a will. Nowadays, courts and lawyers usually refer to both as a “testator.” Each state decides for itself who can have a will or who qualifies as a testator.
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Feb 8, 2023 · A testator is a legal term used to describe someone who died and left a will. A will is a legally binding document containing the testator's final wishes.
- LEARNING OBJECTIVES
- Signature
- Witnesses
- Married with No Children
- Estate Administration
- KEY TAKEAWAY
- EXERCISES
- LEARNING OBJECTIVES
- Definitions
- Trustee
- Charitable Trust
- Spendthrift Trust
- Express Trusts in Business
- KEY TAKEAWAY
- LEARNING OBJECTIVES
- Principal and Income
- Taxation
- Power of Appointment
- KEY TAKEAWAY
- CASE QUESTIONS
- ARTICLE IV.
- ARTICLE V.
- CASE QUESTIONS
- Summary
- SELF-TEST QUESTIONS
Describe how property, both real and personal, can be devised and bequeathed to named heirs in a will. Understand what happens to property of a decedent when there is no will. Explain the requirements for “testamentary capacity”—what it takes to make a valid will that can be admitted to probate. Describe the steps in the probate and administration ...
The testator must sign the will, and the proper place for the signature is at the end of the entire document. The testator need not sign his full name, although that is preferable; his initials or some other mark in his own hand, intended as an execution of the document, will suffice. The UPC permits someone else to sign for the testator as long as...
Most states require two or three witnesses to sign the will. The UPC requires two witnesses. The witnesses should observe the testator sign the will and then sign it themselves in the presence of each other. Since the witnesses might be asked to attest in court to the testator’s signature, it is sound practice to avoid witnesses who are unduly elde...
In some states, the surviving spouse without children will inherit the entire estate. In other states, the spouse must share the property with the decedent’s parents or, if they are deceased, with the collateral heirs.
To carry on the administration of an estate, a particular person must be responsible for locating the estate property and carrying out the decedent’s instructions. If named in the will, this person is called an executor14. When a woman serves, she is still known in many jurisdictions as an executrix15. If the decedent died intestate, the court will...
Any person with the requisite capacity may make a will and bequeath personal property to named heirs. A will can also devise real property. Throughout the United States, there are fairly common requirements to be met for a will to qualify for probate. Intestacy statutes will govern where there is no will, and an administrator will be appointed by t...
Donald Trump is married to Ivanna Trump, but they divorce. Donald neglects to change his will, which leaves everything to Ivanna. If he were to die before remarrying, would the will still be valid? Tom Tyler, married to Tina Tyler, dies without a will. If his legal state of residence is California, how will his estate be distributed? (This will req...
Distinguish a will from a trust, and describe how a trust is created, how it functions, and how it may come to an end. Compare the various kinds of trusts, as well as factors that affect both estates and trusts.
When the legal title to certain property is held by one person while another has the use and benefit of it, a relationship known as a trust21 has been created. The trust developed centuries ago to get around various nuances and complexities, including taxes, of English real property law. The trustee has legal title and the beneficiary has “equitabl...
The trustee is the person or legal entity that holds the legal title to the res. Banks do considerable business as trustees. If the settlor should neglect to name a trustee, the court may name one. The trustee is a fiduciary of the trust beneficiary and will be held to the highest standard of loyalty. Not even an appearance of impropriety toward th...
A charitable trust is one devoted to any public purpose. The definition is broad; it can encompass funds for research to conquer disease, to aid battered wives, to add to museum collections, or to permit a group to proselytize on behalf of a particular political or religious doctrine. The law in all states recognizes the benefits to be derived from...
A spendthrift trust is established when the settlor believes that the beneficiary is not to be trusted with whatever rights she might possess to assign the income or assets of the trust. By express provision in a trust instrument, the settlor may ensure that the trustees are legally obligated to pay only income to the beneficiary; no assignment of ...
In addition to their use in estate planning, express trusts are also created for business purposes. The business trust was popular late in the nineteenth century as a way of getting around state limitations on the corporate form and is still used today. By giving their shares to a voting trust, shareholders can ensure that their agreement to vote a...
A trust can be created during the life of the settlor of the trust. A named trustee and beneficiary are required, as well as some assets that the trustee will administer. The trustee has a fiduciary duty to administer the trust with the utmost care. Inter vivos trusts can be revocable or irrevocable. Testamentary trusts are, by definition, not revo...
Know how principal and income are distinguished in administering a trust. Explain how estates and trusts are taxed, and the utility of powers of appointment.
Often, one person is to receive income from a trust or an estate and another person, the remainderman, is to receive the remaining property when the trust or estate is terminated. In thirty-six states, a uniform act, the Uniform Principal and Income Act (UPIA), defines principal and income and specifies how expenses are to be paid. If the trust agr...
Estates and trusts are taxable entities under the federal income tax statute. The general rule is that all income paid out to the beneficiaries is taxable to the beneficiaries and may be deducted from the trust’s or estate’s gross income in arriving at its net taxable income. The trust or estate is then taxed on the balance left over—that is, on an...
A power of appointment is the authority given by one person (the donor) to another (the donee) to dispose of the donor’s property according to whatever instructions the donor provides. A power of appointment can be created in a will, in a trust, or in some other writing. The writing may imply the power of appointment rather than specifically callin...
Administering either an estate or a trust requires knowing the distinction between principal and income in a variety of situations. For example, knowing which receipts are ordinary and which are extraordinary is essential to knowing whether to allocate the receipts as income or as an addition to principal. Knowing which expenses are chargeable to p...
Based on what is written in this opinion, did the decedent’s widow get nothing as a result of her husband’s death? What did she get, and how? If Phoebe Rosen’s appeal had resulted in a reversal of the probate court, what would happen? Is it possible that Seymour Rosen lacked testamentary capacity? Could the probate court have ruled that he did and ...
To carry out the Trust purposes of the Trust created hereby...the Trustee is vested with the following powers...: B. To manage, control, sell, convey...; to grant options... K....The enumeration of certain powers of the Trustee herein shall not be construed as a limitation of the Trustee’s power, it being intended that the Trustee shall have all ri...
The Trustor by an instrument in writing filed with the Trustee may modify, alter or revoke this Agreement in whole or in part, and may withdraw any property subject to the agreement;... There is hereby reserved to the Trustor the power to direct the trustee, in writing, from time to time, to retain, sell, exchange or lease any property of the trust...
Does the decision effectively deprive Country Club Mobile Estates, Ltd. of anything? What? Why would the trustee (Continental Bank & Trust Co.) object to giving Country Club Mobile Estates, Ltd. another two and a half years on the lease? Which opinion seems better reasoned—the majority or the dissent? Why do you think so?
Estate planning is the process by which an owner decides how her property is to be passed on to others. The four basic estate planning tools are wills, trusts, gifts, and joint ownership. In this chapter, we examined wills and trusts. A will is the declaration of a person’s wishes about the disposition of her assets on her death. The law of each st...
A will written by the testator’s hand and not witnessed is called a conditional will a nuncupative will a holographic will a reciprocal will A written modification or supplement to a prior will is called a revocation clause an abatement a codicil none of the above A trust created by will is called an inter vivos trust a reversionary trust a Totten ...
Wills and Trusts Kit For Dummies is written in language that is easy to understand. It covers the basic issues in planning your estate, but also delves into the details and complications you can encounter in choosing your estate plan and creating a will or trust. You probably won’t read this book and conclude, “This is
Nov 14, 2023 · A South Dakota last will and testament is a legal document created by an individual to outline instructions on how their estate shall be distributed upon death. This person, known as the “testator,” can use a will to dictate the distribution of their real and personal property, fiduciary accounts, life insurance policies, cash-on-hand, and ...
What is Testator? A person who makes a will. While the term rarely comes up in casual conversation, it is still used in legal parlance; however, 'personal representative' is the favored term.
