Chapter nine
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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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Chapter Nine

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Chapter nine

Chapter Nine

Wills, Trusts, and Probate


The will

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.


Wills some vocabulary

witnessed

real property

personal property

testator

holographic will

nuncupative will

subscribe

acknowledge

beneficiary

Wills(some vocabulary)


Preparation of a will

Opening Clauses

exordium clause

revoke

Body of the Will

bequest

devise

general legacy

demonstrative legacy

disinheritance clause

Fiduciary Clause

fiduciary

executor/executrix

guardian

trustee

Closing Clause

testimonium clause

attestation clause

Preparation of a Will


Changing the will

Changing the Will

  • A will may be changed

  • Wills are often revoked or changed


What is a trust

What is a Trust?

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.


How to create a trust

How to Create a Trust

The title to property is divided into two parts: legal title and equitable title.


Express trusts

Express Trusts

1.Living Trusts

2.Testamentary Trusts


Implied trusts

Implied 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.


What is probate

What is Probate?

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.


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