Chapter 20 Wills, Trusts, and Estates

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Presentation transcript:

Chapter 20 Wills, Trusts, and Estates 5/31/2018 Chapter 20 Wills, Trusts, and Estates 20-1 Property Distribution Upon Death 20-2 Trusts Chapter 20 LAW

20-1 Property Distribution Upon Death GOALS Differentiate between dying testate and dying intestate Describe how a decedent’s property is distributed Chapter 20

LEGAL ALTERNATIVES IN PROPERTY DISTRIBUTION 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 Chapter 20

What does it mean to die intestate? Chapter 20

DISTRIBUTION OF THE DECEDENT’S ESTATE Procedure prior to distribution Distribution Without a will With a will If there are no inheritors Chapter 20

What are the terms for the two ways in which the testator can distribute the estate among the lineal descendents? Chapter 20

20-2 Trusts GOALS Recognize the value of the trust instrument Identify the various types of trusts Chapter 20

PURPOSE AND CREATION OF TRUSTS Trustee Settlor Beneficiary Chapter 20

What is the legal term for the creator of a trust? Chapter 20

TYPES OF TRUSTS Inter vivos v. testamentary trust Charitable v. private trust Express v. implied trust Chapter 20

What is the difference between an inter vivos trust and a testamentary trust? Chapter 20

PREVENT LEGAL DIFFICULTIES In making provision for the distribution of your assets . . . Be sure to make a legally proper and clear will. Dying intestate will result in the needless payment of various taxes and fees. Plus it will bring about the distribution of the assets of the estate in accordance with the state intestacy statute. Keep your will updated. An unclear or out-of-date will may cause conflicts among your potential beneficiaries. This may leave lifelong hard feelings and cost a great deal in legal fees. Continued on the next slide Chapter 20

PREVENT LEGAL DIFFICULTIES A will can be changed or canceled at any time during the maker’s life. Avoid confusion as to which is the effective will by using an attorney. Be sure that any subsequent changes are properly executed and, if appropriate, nullify any existing will. Consider utilizing a trust to insure fulfillment of your wishes for the management of your assets; both before and after death (inter vivos and testamentary trusts). Trusts are flexible, professional management can be utilized, and they can outlast the settlor. Chapter 20