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Questions and Answers
What is the primary distinction between testate and intestate succession?
What is the primary distinction between testate and intestate succession?
Testate succession occurs when a person dies with a valid will, whereas intestate succession occurs when a person dies without a valid will.
What is the purpose of letters of administration in estate administration?
What is the purpose of letters of administration in estate administration?
Letters of administration grant the administrator authority to manage the estate when there is no valid will.
In the order of distribution, which relatives inherit the estate after the spouse and children?
In the order of distribution, which relatives inherit the estate after the spouse and children?
Grandchildren
What is the significance of the survivorship period in intestacy rules?
What is the significance of the survivorship period in intestacy rules?
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What is the requirement for a valid will in terms of capacity?
What is the requirement for a valid will in terms of capacity?
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What is the primary difference between an inter vivos trust and a testamentary trust?
What is the primary difference between an inter vivos trust and a testamentary trust?
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What is the role of a trustee in trust creation?
What is the role of a trustee in trust creation?
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What is the significance of the elective share in estate administration?
What is the significance of the elective share in estate administration?
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Study Notes
Types of Succession
- Testate Succession: When a person dies leaving a valid will, the estate is distributed according to the will's instructions.
- Intestate Succession: When a person dies without a valid will, the estate is distributed according to the laws of intestacy.
- Elective Share: A statutory right granted to a surviving spouse to claim a portion of the estate, regardless of the will's provisions.
Estate Administration
- Executor: The person appointed to manage and distribute the estate according to the will's instructions.
- Administrator: The person appointed to manage and distribute the estate when there is no valid will.
- Letters of Administration: A court-issued document granting the administrator authority to manage the estate.
- Probate: The legal process of proving the validity of a will and appointing an executor.
Intestacy Rules
-
Order of Distribution: The order in which relatives inherit the estate when there is no valid will, typically:
- Spouse
- Children
- Grandchildren
- Parents
- Siblings
- Nieces and Nephews
- More distant relatives
- Survivorship Period: The period of time a person must survive the deceased to inherit, usually 120 hours.
- Per Stirpes: A method of distributing the estate where each branch of the family receives an equal share.
Will Formation
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Requirements: A valid will must be:
- In writing
- Signed by the testator
- Witnessed by two or more competent witnesses
- Capacity: The testator must have the mental capacity to make a will, understanding the nature and extent of their property.
- Undue Influence: The testator must not be coerced or pressured into making a will.
Trust Creation
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Types of Trusts:
- Inter Vivos Trust: A trust created during the settlor's lifetime.
- Testamentary Trust: A trust created through a will.
- Trustee: The person or entity responsible for managing the trust assets.
- Beneficiary: The person or entity receiving the trust benefits.
- Settlor: The person creating the trust.
Types of Succession
- Testate Succession: Occurs when a person dies leaving a valid will, and the estate is distributed according to the will's instructions.
- Intestate Succession: Occurs when a person dies without a valid will, and the estate is distributed according to the laws of intestacy.
Estate Administration
- Executor: The person appointed to manage and distribute the estate according to the will's instructions.
- Administrator: The person appointed to manage and distribute the estate when there is no valid will.
- Letters of Administration: A court-issued document granting the administrator authority to manage the estate.
- Probate: The legal process of proving the validity of a will and appointing an executor.
Intestacy Rules
- Order of Distribution: The order in which relatives inherit the estate when there is no valid will, typically: spouse, children, grandchildren, parents, siblings, nieces and nephews, and more distant relatives.
- Survivorship Period: The period of time a person must survive the deceased to inherit, usually 120 hours.
- Per Stirpes: A method of distributing the estate where each branch of the family receives an equal share.
Will Formation
- Requirements: A valid will must be in writing, signed by the testator, and witnessed by two or more competent witnesses.
- Capacity: The testator must have the mental capacity to make a will, understanding the nature and extent of their property.
- Undue Influence: The testator must not be coerced or pressured into making a will.
Trust Creation
-
Types of Trusts:
- Inter Vivos Trust: A trust created during the settlor's lifetime.
- Testamentary Trust: A trust created through a will.
- Trustee: The person or entity responsible for managing the trust assets.
- Beneficiary: The person or entity receiving the trust benefits.
- Settlor: The person creating the trust.
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Description
Understand the different types of succession, estate administration, and the roles involved in distributing a person's estate after their death.
