MOR315 Lesson 1.6 Probate

Who may make a will?

Anyone of legal age or emancipated and have testamentary capacity

A legal addition to a will is called a(n) ________________.

Codicil

When does the durable power of attorney end?

Death

Differentiate between an executor and administrator.

Executor- A man appointed by the will of a deceased person to carry out the provisions thereof and settle the estate. Administrator- The man who is appointed by the court to settle the estate of a decedent who died without a last Will and Testament.

What is the difference between an heir and a beneficiary.

Heir- One who inherits, or is entitled to receive, property by the laws of intestacy from the estate of a deceased person. Beneficiary- One who received property under a legal instrument, such as a will or insurance policy

In what ways can a will be revoked by writing?

I resend all previous wills paper and codicil

Is the funeral bill considered a debt of the deceased?

It is considered to be an expense of the estate rather than a debt of the decedent

Describe when an escheat would be accomplished on a will.

It most commonly occurs when an individual dies with no will and no heirs.

Give an example of how per capita distribution of an estate may be used.

Mother leaves equal amount to all 4 children Per capita-The method of dividing an estate by which an equal share is given to each of a number of persons, all of who stand in equal degree of the decedent.

Who may witness a will?

Notary and someone over the age of 18

The term defined by the order in which claims are paid when there are insufficient assets to pay all of the claims; the order in which certain classes of people have the right to make decisions concerning the disposition of the dead body.

Priority

What type of property will a devisee obtain upon distribution of the estate?

Real property

How are adopted children treated in estate succession?

Same as Blood children

What are the four steps required of a personal representative in settling an estate?

Take inventory of assets/estate File and pay decedent's and estate's tax returns Pay claims filed by creditors of the decedent Account for the funds

Differentiate between Testate and Intestate.

Testate- The condition of leaving a will at death. Intestate- The state of condition of dying without having made a will.

What signatures are required on a will?

Testator and 2 witnesses or notary public

When will an abatement be made to a will?

When there is not enough money in the estate

Give an example, other than that listed in my notes, of the principle of ademption.

When you do not own the object anymore

List the 4 items which usually have the highest priority when paying the bills/debts of an insolvent estate.

• Administrative costs - including attorney fees and court fees • Funeral expenses - this may be the full amount or an allowable portion of an exorbitant funeral bill • Taxes • Medical expenses from last illness

List the ways you can revoke a will.

• By the act of destroying all copies of the old will • By writing a new one • May be amended by operation of law by a divorcement, marriage, birth of children, or adoption • May be amended by adding a codicil