Wills, Trusts, and Estates Administration

by Herskowitz, Suzan D.

• ISBN13: 9780131720268
• ISBN10: 0131720260
• Edition: 2nd
• Format: Paperback
• Copyright: 2007-01-01
• Publisher: Prentice Hall

Summary

Using practical, self-contained chapters, this book provides an overview of wills, trusts, and estates and can easily support a variety of programs and audiences. Designed with flexibility in mind, it captures the complexities of the field, while maintaining a clear tone that is accessible and concise. Throughout the book, core concepts are reinforced by illustrations, charts, tables, and appellate court cases. This edition features updated case materials and statutes, new sample estate forms, additional end-of-chapter questions, new projects and an added chapter on alternate family lifestyles. Captures the complexities of the field, while maintaining a clear tone that is accessible and concise. Uses language and tone that is accessible to the novice, yet still engaging for the more critical reader. Case materials and statutes give readers the most up-todate legislation and decisions. Addresses contemporary family issues such as adoption, blended families, non-married couples, and grandparents raising children. Estate forms reflect the changes to the law and to practical practice issues. Specifically designed for the legal professional.

Table of Contents

Preface	xi
Purpose and Need for a Will	1	(7)
Objectives	1	(1)
Why Most People Don't Have Wills	2	(1)
What Is a Will?	2	(1)
The Need for a Will	3	(3)
Death Taxes	3	(1)
Distribution of Wealth	4	(1)
Appointment of Guardians for Minors	4	(1)
Creation of a Testamentary Trust	5	(1)
Appointment of a Personal Representative	6	(1)
Funeral Arrangements and Organ Donation	6	(1)
Summary	6	(1)
Review Questions	7	(1)
Property	8	(18)
Objectives	8	(1)
Classification and Definition of Property	9	(2)
Real Property	9	(1)
Personal Property	10	(1)
Forms of Property---Who Owns What?	11	(7)
Owned in Severalty	11	(1)
Joint Ownership	11	(1)
Joint Tenancy	12	(2)
Tenants in Common	14	(3)
Tenancy by the Entirety	17	(1)
Community Property	18	(1)
Estates	18	(3)
Fee Simple	18	(1)
Life Estate	19	(1)
Tenancy for Years	20	(1)
Probate Versus Non-Probate Assets	21	(2)
Life Insurance	21	(1)
Pay-on-Death	22	(1)
Living Trusts	22	(1)
Life Estates	23	(1)
Joint Tenancy with Right of Survivorship	23	(1)
Summary	23	(1)
Review Questions	24	(1)
Projects	25	(1)
Testate or Intestate	26	(29)
Objectives	26	(1)
Testacy	27	(4)
Types of Dispositions	27	(2)
Abatement	29	(1)
Ademption	30	(1)
Anti-lapse	31	(1)
Methods of Distribution---Per Stirpes Versus Per Capita	31	(2)
Intestacy	33	(1)
Intestate Succession Defined	33	(1)
Intestate Succession Laws	34	(1)
Relationship of the Heir to the Decedent	34	(13)
Lineal and Collateral Consanguinity	35	(1)
Determining Degree of Kinship	35	(2)
Relationship by Affinity	37	(1)
Surviving Spouse	37	(2)
Adopted Children	39	(1)
Illegitimate Children	39	(1)
Half-Blood	39	(1)
Pretermitted Children	39	(1)
Pretermitted Spouse	40	(7)
Escheat	47	(2)
Other Family Rights	49	(2)
Homestead Exemption	49	(1)
Homestead Allowance	49	(1)
Exempt Property	49	(1)
Family Allowance	50	(1)
Surviving Spouse's Elective Share	50	(1)
Other Issues That Affect Distribution of the Estate	51	(1)
Homicide by Beneficiary or Heir	51	(1)
Simultaneous Death of Decedent and Beneficiary	52	(1)
Summary	52	(1)
Review Questions	53	(1)
Projects	53	(2)
The Will	55	(32)
Objectives	55	(1)
A Short History of Wills	56	(1)
Validity	56	(25)
Statutory Requirements	56	(1)
Intent and Capacity	57	(6)
Is the Will Written or Oral	63	(15)
Signature of the Testator	78	(2)
Witnesses	80	(1)
Notary Public---Self-Proof Clauses and Affidavits	80	(1)
Changing or Revoking a Will	81	(3)
Changing a Will	81	(1)
Revoking a Will	82	(2)
Joint and Mutual Wills	84	(1)
Will Contests	84	(1)
Summary	85	(1)
Review Questions	86	(1)
Projects	86	(1)
Will Preparation and Drafting	87	(18)
Objectives	87	(1)
Client Conference	88	(4)
Family Information	89	(1)
Client Assets and Liabilities	89	(1)
Other Important Information	90	(2)
Drafting	92	(8)
Opening Clause	92	(1)
Instruction to Pay Debts	93	(1)
Dispositive Provisions	93	(1)
Appointment of the Personal Representative	93	(1)
Personal Representative's Duties	93	(1)
Appointment of Guardian for Minor Children	93	(1)
Last Clauses in the Will	93	(1)
Self-Proof Affidavit	94	(6)
Execution of the Will	100	(1)
Where to Keep the Will after Execution	101	(2)
Summary	103	(1)
Projects	104	(1)
Advance Directives	105	(38)
Objectives	105	(1)
History of the Right to Die	106	(2)
Living Wills	108	(5)
Requirements for a Living Will's Validity	109	(4)
Do Not Resuscitate Orders	113	(3)
Health Care Surrogates and Proxies	116	(5)
Durable Powers of Attorney	121	(5)
Anatomical Gifts	126	(16)
By Will	127	(1)
By Signed Document	127	(1)
By Others	127	(15)
Summary	142	(1)
Review Questions	142	(1)
Projects	142	(1)
Trusts: Elements and Purpose	143	(46)
Objectives	143	(1)
Terminology Relating to Trusts	144	(1)
Trust Elements	144	(14)
Trustor	145	(1)
The Trustee	145	(1)
Trust Property	146	(12)
The Beneficiary	158	(1)
Trust Purpose	158	(1)
Trust Classifications	158	(13)
Express or Implied	158	(11)
Testamentary or Inter Vivos	169	(1)
Revocable or Irrevocable	170	(1)
Pourover Wills	170	(1)
Termination of a Trust	171	(1)
Drafting a Trust	171	(16)
Summary	187	(1)
Review Questions	187	(1)
Project	188	(1)
Specialized Trusts	189	(8)
Objectives	189	(1)
Spendthrift Trust	190	(1)
Sprinkling and Spray Trusts	190	(2)
Advantages of a Sprinkling Trust	191	(1)
Disadvantages	191	(1)
Marital Deduction Trust	192	(1)
Marital and Family Trusts	192	(1)
Qualified Terminable Interest Property (QTIP) Trust	192	(1)
Life Insurance Trust	193	(1)
Charitable Trusts	193	(2)
Charitable Remainder Trusts	194	(1)
Cy Pres Doctrine	194	(1)
Summary	195	(1)
Review Questions	196	(1)
Project	196	(1)
The Personal Representative	197	(10)
Objectives	197	(1)
Types of Personal Representatives	198	(2)
Named in the Will	198	(1)
Intestate Decedent	198	(1)
Successor Personal Representative	199	(1)
Administrator with Will Annexed	199	(1)
Special Administrator	199	(1)
Administrator Pendente Lite or Administrator Ad Litem	199	(1)
Appointment	200	(1)
Personal Representative's Duties	200	(4)
Bond	204	(1)
Removal of Personal Representative	204	(1)
Liability of the Personal Representative	205	(1)
Summary	205	(1)
Review Questions	206	(1)
Estate Administration	207	(34)
Objectives	207	(1)
Overview of the Probate Process	208	(1)
Preliminary Duties Of The Law Office	209	(2)
Obtaining the Death Certificate	209	(1)
Opening the Decedent's Safe Deposit Box	209	(1)
Searching the Decedent's Home or Office	209	(2)
Allowances	211	(1)
Guardianship of Minors	211	(1)
Small Estate Settlement	211	(1)
Formal Probate Administration	211	(13)
Petition	213	(3)
Notice to Other Interested Parties	216	(1)
Proof of Will	216	(1)
Bond and Testamentary Letters	217	(1)
Inventory	217	(1)
Estate Expenses, Debts, and Taxes	217	(7)
Distribution to Beneficiaries	224	(1)
Final Accounting	224	(1)
Ancillary Administration	224	(14)
Summary	238	(1)
Review Questions	239	(1)
Projects	240	(1)
Tax Considerations in Estate Administration	241	(13)
Objectives	241	(1)
The Fiduciary's Obligations	242	(2)
Notification of Decedent's Death to IRS	242	(1)
Employer Identification Number Application	242	(1)
Decedent's Final Income Tax Return	243	(1)
Decedent's Medical Expenses	243	(1)
State Income Tax Returns	244	(1)
Federal Income Tax Return of the Estate	244	(1)
The Estate Tax Return---Valuing the Estate	244	(3)
Decedent's Gross Estate	245	(2)
Form 706: Schedules Relating to Assets	247	(4)
Deductible Items	251	(1)
Form 706: Schedules Relating to Deductions	251	(1)
Form 706: Schedules Relating to Credits	252	(1)
Exclusion Amount	252	(1)
Summary	253	(1)
Review Questions	253	(1)
The Probate Court and Uniform Laws	254	(15)
Objectives	254	(1)
Jurisdiction	255	(9)
Registry with the Court Clerk	264	(1)
Uniform Probate Laws	265	(2)
Summary	267	(1)
Review Questions	267	(1)
Project	268	(1)
Alternate Family Lifestyles	269	(7)
The Right to Leave Your Property to Whomever You Want and the Right to Contract	271	(4)
Stepparents, Stepchildren and Grandchildren	275	(1)
Appendix A: Important Cases Concerning the Right to Die	276	(63)
Cruzan v. Director, MDH	276	(39)
Anderson v. St. Francis-St. George Hospital, Incorporated	315	(5)
Jeb Bush, v. Michael Schiavo	320	(16)
State of Oregon, Plaintiff-Appellee, v. John Ashcroft	336	(3)
Appendix B: Selected Wills of Famous People	339	(40)
The Will of Diana, Princess of Wales	339	(6)
The Will of Jerry Garcia (of the Grateful Dead)	345	(9)
Last Will and Testament of Warren E. Burger (Former U.S. Supreme Court Chief Justice)	354	(1)
The Will of Babe Ruth	355	(7)
The Last Will and Testament of William Shakespeare	362	(3)
Last Will and Testament of Francis Albert Sinatra Also Known as Frank Sinatra	365	(10)
Last Will & Testament of John Lennon	375	(2)
Last Will & Testament of John F. Kennedy, Jr.	377	(2)
Appendix C: Internet Websites	379	(5)
Appendix D: Internal Revenue Forms	384	(51)
Appendix E: Sample Client Data Sheets	435	(18)
Glossary	453	(8)
Index	461