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Day 71 ………12/11. How does Divorce differ from Annulment?. Day 72 …… 12/12. List 4 possessions that you own. Upon your death to whom would you leave each possession ?. Property distribution upon death. Will Intestacy Trusts.

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day 71 12 11
Day 71………12/11

How does Divorce differ from Annulment?

day 72 12 12
Day 72…… 12/12

List 4 possessions that you own.

Upon your death to whom would you leave each possession ?

will basics

Legal expression by which a person directs how his/her property will be distributed after death.

Decedent - Deceased person

Heirs - Persons who inherit by right of relationship

Beneficiary or Heir?

Will basics
slide5

A man who makes a will is called a testator, a woman is called a testatrix.

The testator/testatrix must have capacity to create a will.

Capacity?

slide6

The law of wills varies from state-to-state

A will must be

    • in writing,
    • properly signed
    • witnessed.
  • Holographic will
  • Nuncupative will

Will Requirements

changes to your will

The testator/testatrix should write a new will or change it by a codicil (amendment to a will).

The will may state a guardian for children if spouse is not alive

Children

Changes to your will
slide8

Executor (male) /executrix (female)

Who sees that your wishes are met upon death? (testate)

slide9

Duty of Executor:

  • Make sure the assets are assembled, preserved, inventoried, and appraised (court supervised procedure)
  • Publish notice to creditors
  • Pay all legitimate expenses of the decedent
  • Distribute property according to will
intestacy without will

Why?

  • The estate is handled in the same way as if there was a will.
  • Instead of an executor/executrix, there is an administrator/administratrix to look after the estate
Intestacy (without Will)
slide11

Power of Attorney

Special Power of Attorney

Living Will

Medical Directives

slide12

What are NC estate distribution laws –

AND what are there laws that protect family / spouse - Intestacy?

19.2 – vocab and assessment #1-9

slide13

The administrator must distribute the estate according to the laws of the state

  • The personal property heirs according to state law
  • Generally, the spouse is entitled to 1/3 or 1/2 of the estate
    • Children split the remaining equally
    • Children cannot be forgotten
  • If someone dies without a will and does not have a living relative, after the bills are paid, then the estate is held by state government.
day 73 12 13
Day 73…….12/13

What is the benefit of having a living Will?

trusts
*Trusts

Transfer of property from one party to another with instructions on how it is to be managed for the benefit of the transferor or a third party

The creator of the trust is known as the *settlor.

Trusts may be created during the lifetime of the settlor, known as *inter vivos trust

slide16

Trusts created after the death of the settlor in correspondence with his or her will, known as a *Testamentary trust

*Charitable trust is created for the fulfillment of humane purposes.

*Private trust is created for a private purpose

wyv 350

  • *Spendthrift trust protects the beneficiary from creditors
slide17

*Express Trusts are created by a written or oral statement in which all terms are clearly expressed.

*Implied Trusts

  • Resulting Trust: formed when the body intended to receive the benefit of an express trust cannot do so
  • Constructive Trust: created to require a person holding property to transfer it to another because retaining the property would be wrong and unjust
day 75 5 16 13
Day 75…..5/16/13

1. What is an executor?

2. What is an administrator?

3. What is the term for when a person dies without a will?

4. What is a holographic will?

5. What is the transfer of property from one person to another called?