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Transfers at Death: Definitions and Procedures

Learn about transfers at death, including through wills, life insurance, and prenuptial arrangements. Explore testamentary trusts, tax apportionment clauses, and more to ensure your assets are distributed as intended.

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Transfers at Death: Definitions and Procedures

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  1. Chapter 8 TRANSFERS AT DEATH

  2. Definitions • Tax Apportionment Clause • Residual Estate • Precatory Language (intent) • Holographic Will (handwritten) • Nuncupative Will (oral will) • Codicil • Testamentary Trusts • Testator (like the Grantor)

  3. Transfers at Death Property can be transferred at death three ways: Last Will and Testament Contract Designations Life Insurance Pre-Nuptial Arrangements Operation of Law Joint Survivorship w/ Survivorship Rights Intestate Laws

  4. Duties of the Executor • See list on page 205 ….. As you can see there is lots to do. Coordinating the “experts” is a job in itself.

  5. Last Will and Testament • Must be in writing ….. signed, dated and witnessed. • Names an executor • Declaration of one’s intended disposition of property: • Declares the date of document and state of residency ….. why is the date important?? • Pay Debts …. instructs executor to do this • Precatory Language – expression of general desires of wishes ….. may reference a side letter. • Charitable Bequests • Specific bequests

  6. Written Instructions • Funeral Arrangements • List of Advisors – Location of documents • List of Assets w/ notes • List of small bequests to individuals or charity as directed by the LW&T.

  7. per Stirpes versus per Capita • per stirpes distribution – division of an estate by family groups • per capita distribution – division based on the number of persons inheriting the descendent’s property ….. each sharing equally.

  8. How does one REVOKE a Will? • Replace it with a later LW&T … should have language renouncing the earlier Will. • By Codicil • Tear it up / Destroy it • In some states, a divorce can nullify a Will …… in SC it assumes the divorces spouse predeceased the

  9. Spouse’s Right • Does a spouse have a right to an inheritance?? Generally, yes.

  10. Contesting a Will • Improperly Executed • Legal Competence of Tesator • Duress • Fraud • Forgery • LW&T was earlier Revoked Note the warning signs at the bottom of page 219 and top of page 220 Think Anna Nicole???

  11. Transfers by Contract • Life Insurance Policies (beneficiaries) • Retirement Plans • Prenuptial Agreements Transfers by Operation of Law • Joint Tenancy with Right of Survivorship • Intestacy • Family Allowance • Homestead Allowance (for insolvent estates)

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