Chapter Nine Wills, Trusts, and Probate. Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ 07458

Chapter Nine

Wills, Trusts, and Probate

Introduction to Law, 4th EditionHames and Ekern

© 2010 Pearson Higher Education,Upper Saddle River, NJ 07458. • All Rights Reserved.2

The Will

The will is a document in which an individual provides for the distribution of his or her property upon his or her death.

Wills come in all shapes and sizes.



Wills (some vocabulary)

witnessed

real property

personal property

testator

holographic will

nuncupative will

subscribe

acknowledge

beneficiary



Preparation of a Will

Opening Clauses exordium clause revoke

Body of the Will bequest devise general legacy demonstrative legacy disinheritance clause

Fiduciary Clause fiduciary executor/executrix guardian trustee

Closing Clause testimonium clause attestation clause



Changing the Will

A will may be changed

Wills are often revoked or

changed



What is a Trust?

A trust is a document or instrument in

which one makes provisions for the

disposition of one’s property either

during one’s lifetime or after one’s

death.



How to Create a Trust

The title to property is divided into two

parts: legal title and equitable title.



Express Trusts

1. Living Trusts

2. Testamentary Trusts



Implied Trusts

Implied trusts are created by law.

A court may declare the title is held in trust for the benefit of a person who should possess the title. This is a constructive trust.



What is Probate?

Probate is a court-supervised process that take place after a person dies.

Probate results in title to the decedent’s property being passed to the heirs.

Documents

Chapter Nine Wills, Trusts, and Probate. Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ 07458