Legal Consequences of Death

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Presentation transcript:

Legal Consequences of Death CHAPTER 24 2/5/2018 LESSON 24-1 Legal Consequences of Death Explain why an orderly distribution of a decedent’s estate is necessary Discuss the benefits of making a will Describe how a valid will is made

DEATH AND THE LAW Death without a will Death with a will Creation and execution of a valid will Amendment of a valid will Special types of wills Revocation of a will

DISTRIBUTION OF A DECEDENT’S ESTATE Procedure for estate resolution Distributions without a will Distributions with a will If there are no inheritors

Trusts LESSON 24-2 Explain the usefulness of trusts Name and describe the various types of trusts Distinguish between express and implied trusts

CREATION OF TRUSTS A trust is a legal device used to transfer the immediate control of property to another party

John (testor— deceased) DIVISION OF $1,800,000 ESTATE Robin Marie (deceased) Grant (deceased) John’s Children Harold Maynard Scott Alicia (deceased) Guy Damon Oliva Grandchildren Great-Grandchildren Molly Morris Alex John (testor— deceased)

DIVISION OF $1,800,000 ESTATE PER STIRPES John’s Children Grandchildren Great-Grandchildren Harold ($0) Robin ($600,000) Maynard John (testor— deceased) Scott ($300,000) Marie (deceased) Molly ($150,000) Alicia (deceased) Morris Guy ($200,000) Grant (deceased) Damon Oliva Alex ($0)

DIVISION OF $1,800,000 ESTATE PER CAPITA John’s Children Grandchildren Great-Grandchildren Harold ($180,000) Robin ($180,000) Maynard John (testor— deceased) Scott Marie (deceased) Molly ($180,000) Alicia (deceased) Morris Guy Grant (deceased) Damon Oliva Alex

TYPES OF TRUSTS Express Trust Inter vivos trust Testamentary trust Charitable trust Private trust Spendthrift trust Implied Trust Resulting trust Constructive trust

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