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Estates- WI Bar Prep
WI Bar Review
14
Law
Professional
02/20/2011

Additional Law Flashcards

 


 

Cards

Term
Will Requirements
Definition

1) Capacity

2) Signed Writing

3) 2 Witnesses with capacity

a. witness and sign within rzbl time

b. acknowledges sign as his within rzbl time

c. acknowledge will as his, sign rzbl time

 

Term
Integration
Definition

Documents part of will as long as part of will at time will was signed.  

 

By reference: if 1) Exists at time will signed, 

2) Intended to be integrated,

3) Sufficiently described to identify

 

Exception: Tangible personal property list can be modified after will executed and included if found within 30 days after executor appointed, also revocable trusts can be modified after will executed.  

Term
Witness Rules
Definition

1) 18 or older,

2) Competent

3) Can't get more under will than would have gotten intestate- unless Ct finds sufficient evidence that testator intended full transfer (if more than 2 witnesses, and at least two disinterested- execute as written)

 

Self-Authenticating- if affidavits attached to will, in front of notary and describing the requirements of the will and execution, notarized= No need to testify.  

Term
Exoneration
Definition
Any secured debt remains with property unless testator intended otherwise.  
Term
Ademption
Definition

if specific gift is not in estate at time of probate, it is gone. 

If sold within previous 2 years, beneficiary can get:

1) Any unpaid balance of purchase price and any paid in the past year

2) Insurance proceeds paid within past year.  

Term
Advancement
Definition
Unless indicated otherwise, gifts to a beneficiary are not advancements and not subtracted from their probate share.
Term

Anti-Lapse Statute

 

Definition
If beneficiary dies before testator, gift lapses and goes back to the estate, unless to family or indicated otherwise- then per stirpes.  (including step-children)
Term
Abatement
Definition

Order of Distribution when not enough in will:

1) Specific bequests at a pro rata basis

2) General bequests at a pro rata basis

3) Residuary according to dist scheme.  

Term
Revocation
Definition

If in testator's possession, and missing, rebuttable presumption that he revoked it.  

If not, no presumption.  

 

To revoke:

1) Intent of testator, and 2) Act to Revoke

 

By later will:

1) If later will disposes of entire estate, revoked

2) If only partially, to the extent it changes old

3) If ambiguity, 1st will controls, but extrinsic evidence can be introduced to show 2nd will was amending 1st.  

**If later will revokes 1st, and 2nd will invalid, viewed as a dependent revocation=1st will still valid and probated.  

Term
Revival
Definition

1) Where 2nd will revoked by physical act, and 2nd will not revoke 1st will entirely, 1st revived.  

2) Where 2nd will revoked 1st entirely, no revival of first will unless makes clear intent to revive 1st.  

 

For revocation to be valid, later will must be valid.  

Term
Divorce
Definition
Ex and in-laws severed from will absent express intent not to.  
Term
New spouse or child left out
Definition

Give new spouse what she would have gotten intestate minus any gifts to issue.  

 

Forgotten kid- intestate share 

 

UNLESS STATED OTHERWISE.  

Term
Intestate Succession
Definition

1) To spouse

2) If only shared kids-all to spouse

3) If Spouse and non-marital kids-

a. D interest in marital property goes to issue, TIC included. No JT

b. all else- 1/2 to spouse, 1/2 to issue

4) No spouse- all to issue

5) No issue- all to parents

6) No parents- to siblings

7) Grandparents- 1/2 paternal- 1/2 maternal

8) Aunts and Uncles

9) Cousins

10)State school fund

 

120 hour rule only applies to intestate succession.  

 

Term
Per Stirpes
Definition

1) If died without issue, no share.  

2) With issue or alive- get a share

3) Issue- divide equally among equal parties.  

 

1/2 bloods, in gestation, adopted, paternity established- all count for a share.  

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