Rent 9780827375642 | Administration of Wills, Trusts, and Estates

Summary Table of Contents

If you are interested in wills, trusts, and estates, this easy-to read text provides content and context for a complicated subject area. [The wills of Theodore Roosevelt, John F. Kennedy, Jr., Princess Diana, and George Burns are provided here for your review.] This new edition is enhanced by celebrity features that help you relate to a real-life scenario and step out of legal theory. All legal terms are clearly defined when first presented in the text. State-by-state information is presented clearly with the use of maps, tables and case studies. Charts and boxed cases help to make complex topics easier to understand.

Preface

xvi

(2)

About the Author

xviii

PART I WILLS

(142)

CHAPTER 1: Where There's a Will

(18)

... MORE

1.1 Where There's a Will ...

(4)

There Is Motivation

(1)

There Is Kindness

(1)

There Is Decision Making

(1)

There Is Retribution

(1)

There Is Surprise

(1)

There Is Appreciation

(1)

1.2 The Privilege of Having a Will

(1)

1.3 Risks in Writing One's Own Will

(3)

1.4 Finding the Testator's Intent

(1)

1.5 Where There's No Will ...

(10)

There Are No Named Heirs

(1)

There Is No Named Guardian

(1)

There Is No Named Personal Representative

(1)

There Is No Testamentary Trust

(6)

CHAPTER 2: A Bundle of Rights

(22)

2.1 A Bundle of Rights

(2)

2.2 Probate Property

(5)

Real Property

(1)

Personal Property

(4)

2.3 Non-Probate Property

(14)

Jointly Owned Property

(4)

Community Property

(3)

Life Insurance and IRAs with Named Beneficiary

(1)

Pay-on-Death Accounts

(1)

Living Trusts

(1)

Life Estates

(6)

CHAPTER 3: Intestate Succession

(32)

3.1 Intestacy

(1)

3.2 The Passing of Intestate Property

(4)

Simultaneous Death

(2)

Homicide by Heir or Devisee

(1)

3.3 Rights of Surviving Spouse

(3)

3.4 Rights of Other Heirs

(15)

Consanguinity and Affinity

(2)

Half Blood

(1)

Degrees of Kindred

(1)

Lineal Descendants

(7)

Lineal Ascendants

(4)

Siblings

(1)

Next of Kin

(1)

3.5 Escheat

(7)

CHAPTER 4: The Last Will and Testament

(32)

4.1 Wills and Testaments

(3)

4.2 State Statutory Formalities

(12)

Age Requirements

(1)

Testamentary Capacity

(1)

Necessity of a Writing

(2)

The Will's Execution

(8)

4.3 Changing and Revoking Wills

(6)

Changing a Will

(2)

Revoking a Will

(4)

4.4 Joint and Mutual Wills

(1)

4.5 Grounds for Contesting a Will

(9)

CHAPTER 5: Structure of a Model Will

106

(38)

5.1 Drafting a Will

108

(1)

5.2 Introductory Paragraphs

108

(9)

Exordium Clause

108

(6)

Funeral Arrangements

114

(3)

Instructions to Pay Debts

117

(1)

5.3 Main Body

117

(9)

Dispositive Provisions

117

(3)

Residuary Clause

120

(1)

Miscellaneous Clauses

121

(5)

5.4 Fiduciary and Tax Provisions

126

(4)

Appointment of Fiduciaries

126

(3)

Powers of Fiduciaries

129

(1)

No Surety on Bond

129

(1)

Tax Provision

130

(1)

5.5 Ending Paragraphs

130

(4)

Testimonium Clause

131

(1)

Attestation Clause

131

(2)

Self-Proof Clause

133

(1)

5.6 Professional Guidelines

134

(10)

PART II TRUSTS

144

(56)

CHAPTER 6: Trusts

144

(30)

6.1 The Trust Arrangement

146

(1)

6.2 Parties to a Trust

146

(7)

The Settlor

146

(1)

The Trustee

147

(5)

The Beneficiary

152

(1)

6.3 Creation of a Trust

153

(5)

Conveyance in Trust

154

(1)

Declaration of Trust

154

(1)

Trust Formalities

154

(4)

6.4 Express Trusts

158

(8)

Testamentary Trusts

158

(4)

Living Trusts

162

(4)

6.5 Implied Trusts

166

(8)

Resulting Trusts

166

(1)

Constructive Trusts

167

(7)

CHAPTER 7: Specialized Trusts

174

(26)

7.1 Totten Trust

176

(1)

7.2 Special-Purpose Trusts

176

(3)

Spendthrift Trusts

176

(2)

Sprinkling Trusts

178

(1)

7.3 Marital Deduction Trusts

179

(4)

Distribution Outright

179

(1)

Life Estate with Power of Appointment

180

(1)

Credit-Shelter Trust

181

(2)

QTIP Trust

183

(1)

7.4 Charitable Trusts

183

(4)

Cy Pres Doctrine

184

(1)

Rule Against Perpetuities

184

(2)

Charitable Remainder Trusts

186

(1)

7.5 Life Insurance Trusts

187

(13)

PART III ESTATES

200

(108)

CHAPTER 8: Estate Planning

200

(26)

8.1 Purpose of Estate Planning

202

(2)

8.2 The Planning Team

204

(1)

8.3 Gathering Information

205

(6)

Domicile

205

(1)

Property

206

(1)

Beneficiaries

207

(1)

Objectives

207

(1)

Planning Checklist

207

(4)

8.4 Estate Planning Tools

211

(8)

Wills

211

(2)

Trusts

213

(1)

Gifts

213

(3)

Powers of Appointment

216

(1)

Insurance

217

(2)

8.5 Postmortem Planning

219

(7)

CHAPTER 9: Family Protection, Lapses, and Ademption

226

(30)

9.1 Protection of Widows and Children

227

(20)

Family Allowance

228

(2)

Homestead Protection

230

(2)

Exempt Property

232

(2)

Dower and Curtesy

234

(5)

Spouse's Elective Share

239

(2)

Pretermitted Children

241

(6)

9.2 Lapsed Legacies and Devises

247

(1)

9.3 Ademption

248

(1)

9.4 Checklist and Guidelines

249

(7)

CHAPTER 10: Probate Courts and Uniform Laws

256

(22)

10.1 Introduction

258

(1)

10.2 Probate Jurisdiction

258

(1)

Federal Courts

258

(1)

State Courts

259

(1)

10.3 Probate Records

259

(1)

10.4 Uniform Laws

260

(18)

Uniform Probate Code

261

(3)

Uniform Simultaneous Death Act

264

(3)

Uniform Transfers to Minors Act

267

(4)

Uniform Anatomical Gifts Act

271

(7)

CHAPTER 11: The Personal Representative

278

(30)

11.1 Appointment of Personal Representative

280

(2)

11.2 Personal Representative's Bond

282

(2)

11.3 Duties of Personal Representative

284

(3)

11.4 Titles of Personal Representative

287

(12)

Executor (-trix)

287

(1)

Administrator (-trix)

287

(3)

Administrator with the Will Annexed

290

(1)

Successor Personal Representative

291

(1)

Special Administrator

291

(4)

Public Administrator

295

(1)

Informal Administrator of Small Estates

295

(3)

Executor de Son Tort

298

(1)

11.5 Removal of Personal Representative

299

(9)

PART IV ESTATE ADMINISTRATION

308

CHAPTER 12: Probating a Will and Administering an Estate

308

(50)

12.1 Introduction

310

(1)

12.2 The Need for Probate

311

(4)

Protection of Decedent

312

(1)

Protection of Heirs

313

(2)

Establishing Title

315

(1)

12.3 Formal Probate Proceedings

315

(31)

Petition for Probate or Administration

316

(3)

Notice to Interested Parties

319

(3)

Proof of Will

322

(5)

Allowance of Bond and Issuance of Letters

327

(5)

The Inventory

332

(6)

Payment of Debts, Taxes, and Expenses

338

(7)

Distribution

345

(1)

Final Account

345

(1)

12.4 Informal Probate Proceedings

346

(3)

12.5 Ancillary Administration

349

(1)

12.6 Will Administration Checklist

350

(8)

CHAPTER 13: Estate Taxes

358

(28)

13.1 Fiduciary's Tax Obligations

360

(3)

Notifying the Internal Revenue Service

360

(1)

Obtaining Identification Number

360

(3)

13.2 Decedent's Final Income Tax Return

363

(2)

Income

363

(1)

Exemptions and Deductions

364

(1)

13.3 Fiduciary Income Tax Return

365

(2)

Income

365

(1)

Income in Respect of Decedent

365

(2)

Exemptions and Deductions

367

(1)

13.4 Estate Tax Return

367

(19)

The Gross Estate

369

(5)

The Taxable Estate

374

(1)

Estate Tax Computation

375

(5)

Generation-Skipping Transfer Tax

380

(6)

CHAPTER 14: Final Choices

386

14.1 The Right to Die

387

(12)

The Living Will

389

(1)

Health Care Proxy Laws

390

(1)

Durable Power of Attorney

390

(9)

Patient Self-Determination Act

399

(1)

14.2 Anatomical Gifts

399

(9)

Donation by Will

403

(1)

Donation by Signed Document

404

(4)

Donation by Others

408

(1)

14.3 The Decedent's Body

408

Appendices

Appendix A Uniform Simultaneous Death Act

(1)

Appendix B Uniform Transfers to Minors Act

(6)

Appendix C Uniform Probate Code (Abridged)

(91)

Appendix D Internal Revenue Service Forms 706 and 709

A99

(46)

Appendix E Petition to Probate Will in Solemn Form (Georgia)

A145

(8)

Appendix F Sample Last Wills and Testaments

A153

Glossary

Index

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