[eBook] [PDF] Wills, Trusts, and Estates for Legal Assistants, 6th Edition By Gerry Beyer, John Hanft

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Cover Page Front Matter Editorial Advisors Title Page Copyright Page About Aspen Publishing Summary of Contents Contents Preface Acknowledgments CHAPTER 1. INTRODUCTION AND OVERVIEW §1.1 B... rief History of Property Transference When Owner Dies §1.2 Basic Terminology Used in This Book §1.2.1 Intestate Succession Terms §1.2.2 Wills Terms §1.2.3 Trusts Terms §1.2.4 General Terms §1.3 Determination of Applicable Law §1.3.1 Generally §1.3.2 Ownership and Marital Rights §1.3.3 Real versus Personal Property §1.4 The “Big Picture” PART ONE. INTESTATE SUCCESSION CHAPTER 2. DESCENT AND DISTRIBUTION §2.1 Reasons Most Individuals Die Intestate §2.1.1 Lack of Property §2.1.2 Unaware of Importance §2.1.3 Indifference §2.1.4 Cost §2.1.5 Time and Effort §2.1.6 Complexity §2.1.7 Admission of Mortality §2.1.8 Reluctance to Reveal Private Facts §2.2 Historical Development of Descent and Distribution §2.3 Surviving Spouse §2.3.1 Protection at Common Law —  Real Property §2.3.2 Protection at Common Law —  Personal Property §2.3.3 Modern Law §2.3.4 Community Property Jurisdictions §2.4 Descendants §2.4.1 Basic Procedure for Determining Shares of Descendants §2.4.2 Per Stirpes (by Right of Representation) §2.4.3 Per Capita with Representation §2.4.4 Per Capita at Each Generation §2.5 Ancestors and Collaterals §2.5.1 Parents and First-Line Collaterals §2.5.2 Grandparents, Second-Line Collaterals, and More Distant Relatives §2.6 Escheat CHAPTER 3. TREATMENT OF CERTAIN CATEGORIES OF POTENTIAL HEIRS §3.1 Posthumous or Afterborn Heirs §3.2 Adopted Individuals §3.2.1 Inheritance Rights of Adopted Children §3.2.2 Inheritance Rights of Adoptive Parents §3.2.3 Inheritance Rights of Biological Parents §3.2.4 Adoption by Estoppel or Equitable Adoption §3.2.5 Adult Adoption §3.3 Non-Marital Children §3.4 Children from Alternative Reproduction Technologies §3.5 Stepchildren §3.6 Half-Blooded Collateral Heirs §3.7 Non-United States Citizens §3.8 Unworthy Heirs §3.8.1 Forfeiture §3.8.2 Civil Death §3.8.3 Corruption of the Blood §3.8.4 Heir Killing Intestate §3.8.5 Suicide §3.8.6 Parent’s Failure to Recognize or Support Child §3.8.7 Adultery §3.8.8 Abuse §3.8.9 Lack of Capacity Marriages §3.9 Non-Marital Partners CHAPTER 4. OTHER INTESTATE SUCCESSION ISSUES §4.1 Ancestral Property §4.2 Advancements §4.3 Survival §4.4 Disclaimers §4.4.1 Reasons Heir May Disclaim §4.4.2 Requirements of a Disclaimer §4.4.3 Distribution of Disclaimed Property §4.5 Assignment or Release of Expectancy to Inherit §4.6 Equitable Conversion §4.7 Liability for Debts of Predeceased Intermediary §4.8 Heir Designation §4.9 Choice of Law PART TWO. WILLS CHAPTER 5. REQUIREMENTS FOR A VALID WILL §5.1 Legal Capacity §5.1.1 Age §5.1.2 Marital Status §5.1.3 Military Service §5.2 Testamentary Capacity (Sound Mind) §5.2.1 Elements of Testamentary Capacity §5.2.2 Temporal Nature of Testamentary Capacity §5.2.3 Testamentary Capacity Compared to Other Types of Capacity §5.2.4 Aging Process §5.2.5 Individuals with Questionable Capacity §5.2.6 Demonstrating Lack of Capacity §5.3 Testamentary Intent §5.4 Formalities §5.4.1 Purposes §5.4.2 Attested Wills §5.4.3 Holographic Wills §5.4.4 Nuncupative Wills §5.4.5 Soldiers’ and Seamen’s Wills §5.4.6 Statutory Wills §5.4.7 Notarized Wills CHAPTER 6. CHANGING CIRCUMSTANCES AFTER WILL EXECUTION —  PROPERTY §6.1 Classification of Testamentary Gifts §6.1.1 Specific Gifts §6.1.2 General Gifts §6.1.3 Demonstrative Gifts §6.1.4 Residuary Gifts §6.1.5 Type of Beneficiary §6.2 Ademption by Extinction §6.3 Ademption by Satisfaction §6.4 Changes in Value §6.4.1 Appreciation and Depreciation §6.4.2 Corporate Securities §6.4.3 Interest on Legacies §6.5 Exoneration §6.6 Abatement §6.7 Tax Apportionment CHAPTER 7. CHANGING CIRCUMSTANCES AFTER WILL EXECUTION — PERSONS §7.1 Marriage of Testator §7.1.1 Common Law Marital Property States §7.1.2 Community Property Marital Property States §7.1.3 Change in Domicile §7.2 Divorce of Testator §7.3 Pretermitted Heirs §7.3.1 Defined §7.3.2 Excluded Situations §7.3.3 Determination of Share §7.4 Death of Beneficiary —  Lapse §7.4.1 Situations Causing Lapse §7.4.2 Distribution of Lapsed Gifts —  Generally §7.4.3 Anti-Lapse Statutes §7.4.4 Partial Lapse in Residuary Clause §7.5 Failure of Charitable Gift —  Cy Pres §7.6 Survival CHAPTER 8. REVOCATION OF WILLS §8.1 Revocation by Operation of Law §8.1.1 Marriage of Testator §8.1.2 Divorce of Testator §8.1.3 Pretermitted Heirs §8.1.4 Death of Beneficiary §8.1.5 Beneficiary Killed Testator §8.1.6 Alienation §8.1.7 Passage of Time §8.1.8 Change in Feelings toward Beneficiary §8.2 Revocation by Physical Act §8.2.1 Requirements §8.2.2 Partial Revocation §8.3 Revocation by Subsequent Writing §8.3.1 Express Revocation §8.3.2 Revocation by Inconsistency §8.3.3 New Will or Codicil? §8.4 Presumptions §8.4.1 The Presumption of Nonrevocation §8.4.2 The Presumption of Revocation §8.5 Revival §8.6 Conditional Revocation §8.6.1 Express Condition §8.6.2 Implied Condition —  Dependent Relative Revocation §8.7 Multiple Originals CHAPTER 9. INTERPRETATION AND CONSTRUCTION §9.1 Ambiguity §9.1.1 Patent (Obvious) Ambiguity §9.1.2 Latent (Hidden) Ambiguity §9.1.3 No Apparent Ambiguity §9.2 Integration §9.2.1 External Integration §9.2.2 Internal Integration §9.3 Incorporation by Reference §9.3.1 Requirements §9.3.2 Validity of Incorporated Writing §9.3.3 Republication §9.4 Facts of Independent Significance §9.5 Tangible Personal Property Document §9.6 Pour-Over Provisions §9.7 Precatory Language §9.8 Class Gifts §9.8.1 Defined §9.8.2 Time at Which Class Membership Determined §9.8.3 Types of Individuals Included in Classes §9.9 Dead Person’s Statute § 9.10 Tax-Based Modifications CHAPTER 10. WILL CONTESTS §10.1 Failure to Satisfy Requirements of a Valid Will §10.2 Insane Delusions §10.2.1 Defined §10.2.2 Nexus between Delusion and Will §10.3 Undue Influence §10.3.1 Defined §10.3.2 Demonstrating Undue Influence §10.3.3 Attorney as Will Drafter and Beneficiary §10.3.4 Mortmain Statutes and Charitable Gifts §10.4 Duress §10.5 Fraud §10.5.1 Defined §10.5.2 Fraud in the Execution §10.5.3 Fraud in the Inducement §10.6 Mistake §10.6.1 Defined §10.6.2 Mistake in the Execution §10.6.3 Mistake in the Inducement §10.7 Remedies §10.8 Preventing Will Contests §10.8.1 No-Contest Provision §10.8.2 Statement of Reasons for Disposition §10.8.3 Mean-Spirited Language §10.8.4 Holographic Will §10.8.5 Affidavit Acquisition §10.8.6 Transaction Documentation §10.8.7 Evidence Preservation §10.8.8 Video-Record of Will Execution Ceremony §10.8.9 Preservation of Prior Will §10.8.10 Repeated Wills §10.8.11 Traditional Disposition §10.8.12 Nonprobate Transfers §10.8.13 Simultaneous Gift to Heir §10.8.14 Contract Not to Contest §10.8.15 “Coincidental” Physician Appointment §10.8.16 Antemortem Probate §10.8.17 Family Settlement Agreement §10.9 Tortious Interference with Expectancy CHAPTER 11. OTHER WILL ISSUES §11.1 Conditional Wills §11.2 Conditional Gifts §11.3 Combination Wills §11.3.1 Joint Wills §11.3.2 Reciprocal or Mutual Wills §11.3.3 Contractual Wills §11.4 Election Will §11.5 Disclaimer PART THREE. ESTATE ADMINISTRATION CHAPTER 12. ESTATE ADMINISTRATION §12.1 Proper Applicant §12.2 Locate Will §12.3 Prepare Application §12.4 File in Appropriate Court §12.5 Citation §12.6 Probate of Will or Determination of Heirs §12.7 Type of Administration §12.8 Appointment of Personal Representative §12.9 Qualification of Personal Representative §12.9.1 Oath of Office §12.9.2 Bond §12.10 Issuance of Letters §12.11 Collect and Protect Decedent’s Property §12.11.1 Probate Assets Generally §12.11.2 Digital Assets §12.12 Manage Decedent’s Probate Assets §12.13 Inventory and Appraisement §12.14 Protect Certain Property from Creditors §12.14.1 Homestead §12.14.2 Exempt Personal Property §12.14.3 Family Allowance §12.14.4 Waiver of Protections §12.15 Notice to Creditors §12.16 Pay Creditors §12.17 Provide Reports and Accountings §12.18 Distribution and Closing Estate PART FOUR. NONPROBATE TRANSFERS CHAPTER 13. REASONS PEOPLE USE NONPROBATE TRANSFERS §13.1 Provide Non-Estate-Planning Benefits §13.2 Accelerate Asset Distribution §13.3 Reduce Estate Planning and Administration Expenses §13.4 Enhance Confidentiality §13.5 Minimize Taxes §13.6 Retain Flexibility §13.7 Change with Less Difficulty §13.8 Protect from Creditors §13.9 Isolate from Contest §13.10  Increase Understandability CHAPTER 14. INTER VIVOS TRANSFERS §14.1 Outright Inter Vivos Gifts §14.1.1 Elements §14.1.2 Potential Benefits §14.1.3 Potential Disadvantages §14.2 Gifts Causa Mortis §14.3 Gifts in Trust §14.4 Transfers of Future Interests §14.5 Powers of Appointment §14.6 Transfers to Minors CHAPTER 15. CO-OWNERSHIP OF PROPERTY §15.1 Tenancy in Common §15.2 Joint Tenancy §15.3 Tenancy by the Entirety §15.4 Community Property CHAPTER 16. MULTIPLE-PARTY ACCOUNTS §16.1 Joint Accounts §16.1.1 Rights during Lifetime of All Parties §16.1.2 Rights after Death of a Depositor §16.2 Agency or Convenience Accounts §16.3 Payable-on-Death Accounts §16.4 Trust Accounts §16.5 Other Multiple-Party Account Issues §16.5.1 Ability to Alter Contract by Will §16.5.2 Creditors §16.5.3 Divorce §16.5.4 Survival §16.5.5 Effect of Depositor’s Incapacity §16.5.6 Practical Note CHAPTER 17. CONTRACTS §17.1 Life Insurance §17.1.1 Basic Operation of Life Insurance Policy §17.1.2 Use of Life Insurance §17.1.3 Types of Life Insurance §17.1.4 Payment of Proceeds §17.1.5 Policies Insuring Two Lives §17.2 Annuities §17.3 Employee Benefit and Retirement Plans §17.3.1 Types of Employee Benefit Plans §17.3.2 Protection of Surviving Spouse §17.4 Transfer on Death Arrangements PART FIVE. TRUSTS CHAPTER 18. INTRODUCTION TO TRUSTS §18.1 Overview and Terminology §18.1.1 Basic Trust Operation §18.1.2 Parties Involved in Trust Relationship §18.2 Purposes and Uses of Trusts §18.2.1 Provide for and Protect Beneficiaries §18.2.2 Flexible Distribution of Assets §18.2.3 Protection against Settlor’s Incompetence §18.2.4 Professional Management of Property §18.2.5 Probate Avoidance §18.2.6 Tax Benefits §18.2.7 Avoid Conflicts of Interest §18.3 Warning about Inter Vivos Trust Overpromotion CHAPTER 19. TRUST CREATION §19.1 Trust Intent §19.1.1 Ascertaining Settlor’s Intent §19.1.2 Statute of Uses §19.1.3 Split of Title and Merger §19.1.4 Distinguishing Trusts from Other Legal Relationships §19.2 Methods of Trust Creation §19.2.1 During the Settlor’s Lifetime §19.2.2 Upon the Settlor’s Death §19.2.3 Consideration §19.3 The Settlor §19.3.1 Capacity §19.3.2 Retention of Powers §19.4 Statute of Frauds §19.4.1 When Writing Required §19.4.2 Common Exceptions to Writing Requirement §19.4.3 Standing to Raise Statute of Frauds Defense §19.4.4 Effect of Statute of Frauds Violation §19.4.5 Acknowledgment §19.5 Trust Purposes §19.5.1 Determination of Validity of Purpose §19.5.2 Remedies for Illegal Trusts §19.6 Trust Property §19.6.1 Types of Trust Property §19.6.2 Transfer of Property to Trust §19.7 The Trustee §19.7.1 Capacity §19.7.2 Acceptance §19.7.3 Qualification §19.7.4 Multiple Trustees §19.7.5 Successor Trustees §19.7.6 Resignation §19.7.7 Effect of Holding Legal Title §19.7.8 Trust Protectors §19.8 The Beneficiary §19.8.1 Capacity §19.8.2 Adequacy of Beneficiary Designation §19.8.3 Honorary or Purpose Trusts §19.8.4 Incidental Beneficiaries §19.8.5 Disclaimer §19.8.6 Transfers and Assignments of Beneficial Interests §19.8.7 Availability of Beneficiary’s Interest to Creditors §19.8.8 Spendthrift Restrictions §19.8.9 Discretionary Provisions §19.8.10 Support Provisions §19.8.11 Pour-Over Provisions §19.8.12 Life Insurance Trusts §19.9 Rule Against Perpetuities §19.10 Charitable Trusts §19.10.1 Size of Charitable Class §19.10.2 Description of Charitable Class §19.10.3 Determination of Charitable Purpose §19.10.4 Other Charitable Trust Issues CHAPTER 20. TRUST ADMINISTRATION §20.1 Overview of Trust Administration §20.1.1 Accept Trusteeship §20.1.2 Post Bond §20.1.3 Register Trust §20.1.4 Possess and Safeguard Trust Property §20.1.5 Identify and Locate Beneficiaries §20.1.6 Follow Settlor’s Instructions §20.1.7 Act as Fiduciary §20.1.8 Support and Defend Trust §20.2 Trust Investments and Standard of Care §20.2.1 Selection of Investments §20.2.2 Duty to Diversify §20.2.3 Exculpatory Clauses §20.2.4 Directory Provision §20.2.5 Duty to Review Investments §20.3 Trustee Powers §20.3.1 Sources of Powers §20.3.2 Delegation of Powers §20.4 Trust Distributions §20.4.1 Standard of Care §20.4.2 Competent Adult Beneficiary §20.4.3 Minor or Incapacitated Beneficiary §20.5 Duty of Loyalty §20.5.1 Buying and Selling Trust Property §20.5.2 Borrowing Trust Property §20.5.3 Purchase of Common Investments §20.5.4 Transfers between Trusts §20.5.5 Dealings with Beneficiaries §20.5.6 Self-Employment §20.5.7 Ramifications of Breach of Loyalty Duties §20.5.8 Permitted Self-Dealing §20.5.9 Loyalty and Investment Duties Compared and Contrasted §20.6 Liability of Trustee to Third Parties §20.6.1 Contract Liability §20.6.2 Tort Liability §20.6.3 Liability as Property Owner §20.7 Allocation of Receipts and Expenses §20.7.1 General Allocation Rules §20.7.2 Corporate Distributions §20.7.3 Wasting Assets §20.7.4 Business and Farming Operations §20.7.5 Bond Premiums and Discounts §20.7.6 Underproductive Property §20.7.7 Rights of Income Beneficiaries §20.7.8 Apportionment of Income among Beneficiaries §20.7.9 Allocation of Expenses §20.7.10 Unitrust Approach §20.8 Accountings §20.9 Compensation §20.10 Trust Modifications §20.10.1 By Court §20.10.2 By Parties §20.11 Trust Termination §20.11.1 Express Terms of Trust §20.11.2 Revocation by Settlor §20.11.3 Termination by Beneficiaries §20.11.4 Merger §20.11.5 Lack of Property §20.11.6 Uneconomic to Continue Trust §20.11.7 Court Order §20.11.8 Duties of Trustee upon Termination §20.12 Reformation CHAPTER 21. TRUST ENFORCEMENT §21.1 Procedural Matters §21.1.1 Standing §21.1.2 Jurisdiction and Venue §21.1.3 Virtual Representation §21.2 Remedies against the Trustee §21.2.1 Money Damages §21.2.2 Removal of Trustee §21.2.3 Pre-Breach Remedies §21.2.4 Criminal Sanctions §21.2.5 Damages in Absence of Breach §21.3 Remedies Involving Trust Property §21.3.1 Tracing §21.3.2 Subrogation §21.3.3 Marshalling §21.3.4 Bona Fide Purchasers §21.4 Remedies against the Beneficiary §21.5 Causes of Action against Third Parties §21.6 Barring of Remedies §21.6.1 Settlor’s Approval in Trust Instrument §21.6.2 Prior Approval or Ratification by Beneficiary §21.6.3 Court Decree §21.6.4 Statute of Limitations §21.6.5 Laches CHAPTER 22. RESULTING TRUSTS §22.1 Failure to Create Express Trust §22.2 Failure of Express Trust to Dispose of All Trust Property §22.3 Purchase-Money Resulting Trust CHAPTER 23. CONSTRUCTIVE TRUSTS §23.1 Fraudulent Conduct §23.2 Abuse of Confidential Relationships §23.3 Unperformed Promises Made in Contemplation of Death PART SIX. OTHER-ESTATE PLANNING CONCERNS CHAPTER 24. WEALTH TRANSFER TAXATION §24.1 Federal Gift Tax §24.1.1 Overview §24.1.2 Transfers Subject to Gift Tax §24.1.3 Valuation of Gifts §24.1.4 Exclusions §24.1.5 Deductions §24.1.6 Computation of Gift Tax §24.1.7 Split Gifts §24.1.8 Gift Tax Return §24.1.9 Liability for Gift Tax §24.2 Federal Estate Tax §24.2.1 Overview §24.2.2 Contents of Gross Estate §24.2.3 Valuation of Gross Estate §24.2.4 Deductions §24.2.5 Computation of Estate Tax §24.2.6 Estate Tax Return §24.2.7 Liability for Estate Tax §24.3 Marital Deduction and Bypass Planning §24.3.1 Transfers Qualifying for the Marital Deduction §24.3.2 Sheltering the Applicable Exclusion Amount §24.3.3 Portability of the Applicable Exclusion Amount §24.4 Charitable Deduction §24.4.1 Non-Split Transfers §24.4.2 Split Transfers §24.5 Federal Generation-Skipping Transfer Tax §24.5.1 Skip Person Defined §24.5.2 Transfers Subject to GST Tax §24.5.3 Exemptions and Exclusions §24.6 Federal Income Tax Ramifications of Gratuitous Transfers §24.6.1 Inter Vivos Gifts §24.6.2 At-Death Gifts §24.6.3 Planning Suggestions §24.7 State Wealth Transfer Taxation §24.7.1 Inter Vivos Transfers §24.7.2 At-Death Transfers CHAPTER 25. DISABILITY AND DEATH PLANNING §25.1 Property Management §25.1.1 Durable Power of Attorney for Property Management §25.1.2 Custodial Trusts §25.1.3 Self-Designation of Guardian of Estate or Conservator §25.1.4 Disability Income Insurance §25.2 Health Care §25.2.1 Durable Power of Attorney for Health Care or Medical Power of Attorney §25.2.2 Self-Designation of Guardian of Person §25.2.3 Funding Long-Term Health Care Expenses §25.3 The Death Event §25.3.1 Living Wills §25.3.2 Physician Orders for Life-Sustaining Treatment §25.3.3 Assisted Suicide §25.3.4 Anatomical Gifts §25.3.5 Disposition of Body CHAPTER 26. MALPRACTICE AND PROFESSIONAL RESPONSIBILITY §26.1 Professional Negligence §26.2 Ethical Concerns §26.2.1 Drafting Attorney as Beneficiary §26.2.2 Drafting Attorney as Fiduciary §26.2.3 Drafting Attorney as Fiduciary’s Attorney §26.2.4 Drafting Attorney as Will Custodian §26.2.5 Estate Planning for Both Spouses §26.2.6 Representation of Non-Spousal Relatives §26.2.7 Fiduciary Hiring Self as Attorney §26.2.8 Capacity of Representation §26.3 Ethical Obligations of Legal Assistants §26.4 Appropriate Tasks for Legal Assistants §26.5 Ethical Issues for Legal Assistants in Estate Planning §26.6 NALA Code of Ethics and Professional Responsibility §26.7 NFPA Model Disciplinary Rule Glossary Sample Will with Testamentary Trust Form Bibliography Table of Uniform Probate Code (UPC) Provisions Table of Uniform Trust Code (UTC) Provisions Table of Internal Revenue Code (IRC) Provisions Index [Show More]

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