Trusts and Estates Outline

TRUSTS AND ESTATES OUTLINE
I. INTRODUCTION
II. INTESTATE SUCCESSION
III. WILLS
IV. CONTESTING THE WILL
V. PROTECTION OF THE FAMILY
VI. TRUSTS
VII. POWERS OF APPOINTMENT

VIII. FUTURE INTERESTS
IX. FIDUCIARY DUTY

I. INTRODUCTION
a. General
i. Passing property at death is not a fundamental right
1. All states have passed laws allowing passing property at death
2. State could pass a statute that would disallow right to pass property
3. No federal laws on wills and trusts
ii. Multi-jurisdictional issues
1. Will drafted in one state is generally recognized by other states, as long as it is valid in the state it was drafted in
2. Wills have to be admitted into probate in two places:
a. Primary (administrative state) = where you are domiciled
b. Ancillary = own property outside domicile
3. State you live in will impose their state rules to the will
iii. Rights to property
1. Fee simple absolute = right to possess, use and enjoy property, potentially forever
a. But state retains a thread of ownership
2. Title to real property will never be without an owner
b. Intestate Succession (Intestate = if die without a will)
i. State statutes that create a pattern of distribution (if you do not provide otherwise)
1. Every state has one – state law will decide how your property passes (intestate succession laws)
2. All property not passed otherwise = passes intestate
ii. Intestate succession applies if:
1. Invalid will
2. No will
3. Valid will but neglected to deal with certain properties
4. Partially invalid will
c. Wills (Testate = if die with a will)
i. Types of Wills
1. Will – formalized document that provides for the distribution of person’s assets upon person’s death
a. Valid will controls = where property goes, to whom, how much, other conditions
2. Holographic Will (handwritten will)
a. Written, but less formal
b. Ex: plane crash – written on side of plane
3. Non-Cupati