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Day 71 ………12/11. How does Divorce differ from Annulment?. Day 72 …… 12/12. List 4 possessions that you own. Upon your death to whom would you leave each possession ?. Property distribution upon death. Will Intestacy Trusts.
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Day 71………12/11 How does Divorce differ from Annulment?
Day 72…… 12/12 List 4 possessions that you own. Upon your death to whom would you leave each possession ?
Property distribution upon death • Will • Intestacy • Trusts
Legal expression by which a person directs how his/her property will be distributed after death. Decedent - Deceased person Heirs - Persons who inherit by right of relationship Beneficiary or Heir? Will basics
A man who makes a will is called a testator, a woman is called a testatrix. The testator/testatrix must have capacity to create a will. Capacity?
The law of wills varies from state-to-state A will must be • in writing, • properly signed • witnessed. • Holographic will • Nuncupative will Will Requirements
The testator/testatrix should write a new will or change it by a codicil (amendment to a will). The will may state a guardian for children if spouse is not alive Children Changes to your will
Executor (male) /executrix (female) Who sees that your wishes are met upon death? (testate)
Duty of Executor: • Make sure the assets are assembled, preserved, inventoried, and appraised (court supervised procedure) • Publish notice to creditors • Pay all legitimate expenses of the decedent • Distribute property according to will
Why? • The estate is handled in the same way as if there was a will. • Instead of an executor/executrix, there is an administrator/administratrix to look after the estate Intestacy (without Will)
Power of Attorney Special Power of Attorney Living Will Medical Directives
What are NC estate distribution laws – AND what are there laws that protect family / spouse - Intestacy? 19.2 – vocab and assessment #1-9
The administrator must distribute the estate according to the laws of the state • The personal property heirs according to state law • Generally, the spouse is entitled to 1/3 or 1/2 of the estate • Children split the remaining equally • Children cannot be forgotten • If someone dies without a will and does not have a living relative, after the bills are paid, then the estate is held by state government.
Day 73…….12/13 What is the benefit of having a living Will?
*Trusts Transfer of property from one party to another with instructions on how it is to be managed for the benefit of the transferor or a third party The creator of the trust is known as the *settlor. Trusts may be created during the lifetime of the settlor, known as *inter vivos trust
Trusts created after the death of the settlor in correspondence with his or her will, known as a *Testamentary trust *Charitable trust is created for the fulfillment of humane purposes. *Private trust is created for a private purpose wyv 350 • *Spendthrift trust protects the beneficiary from creditors
*Express Trusts are created by a written or oral statement in which all terms are clearly expressed. *Implied Trusts • Resulting Trust: formed when the body intended to receive the benefit of an express trust cannot do so • Constructive Trust: created to require a person holding property to transfer it to another because retaining the property would be wrong and unjust
Day 75…..5/16/13 1. What is an executor? 2. What is an administrator? 3. What is the term for when a person dies without a will? 4. What is a holographic will? 5. What is the transfer of property from one person to another called?
