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Wills, Trusts, and Estates ------ Introduction. Visiting from Texas Tech University. Lubbock, Texas. Lubbock, Texas. Lubbock, Texas. OSU Alum. Basic Premise. Life is 100% fatal. History of At-Death Property Disposition. 1. Physical Strength and/or Finding.

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Wills, Trusts, and Estates ------ Introduction


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Presentation Transcript
basic premise
Basic Premise
  • Life is 100% fatal.
history of at death property disposition
History of At-Death Property Disposition
  • 1. Physical Strength and/or Finding
intestate succession
Intestate Succession
  • Common Law Split:
    • Crown = real property
    • Church = personal property
intestate succession terminology1
Intestate Succession -- Terminology
  • Descent = succession to real property
intestate succession terminology2
Intestate Succession -- Terminology
  • Distribution = succession to personal property
intestate succession terminology3
Intestate Succession -- Terminology
  • Heir = person who receives property from an intestate decedent
intestate succession terminology5
Intestate Succession -- Terminology
  • Consanguinity = blood
  • Affinity = marriage
testate succession terminology1
Testate Succession -- Terminology
  • At common law –
    • Will = real property
    • Testament = personal property
testate succession terminology2
Testate Succession -- Terminology
  • Devise = gift of real property
testate succession terminology3
Testate Succession -- Terminology
  • Bequest = gift of personal property
testate succession terminology4
Testate Succession -- Terminology
  • Legacy – gift of money

X

testate succession terminology5
Testate Succession -- Terminology
  • Beneficiary = any recipient of property (any type)
testate succession terminology6
Testate Succession -- Terminology
  • Codicil = amendment to an existing will