Chapter Nine. Wills, Trusts, and Probate. The Will. The will is a document in which an individual provides for the distribution of his or her property upon his or her death. Wills come in all shapes and sizes. witnessed real property personal property testator. holographic will
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Wills, Trusts, and Probate
A trust is a document or instrument in which one makes provisions for the disposition of one’s property either during one’s lifetime or after one’s death.
The title to property is divided into two parts: legal title and equitable title.
1. Living Trusts
2. Testamentary Trusts
Implied trusts are created by law.
A court may declare the title is held in trust for the benefit of a person who should possess the title. This is a constructive trust.
Probate is a court-supervised process that take place after a person dies.
Probate results in title to the decedent’s property being passed to the heirs.