Chapter nine
Download
1 / 10

Chapter Nine - PowerPoint PPT Presentation


  • 87 Views
  • Uploaded on

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

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Chapter Nine' - derek-hood


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
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.