Chapter Nine Wills, Trusts, and Probate

Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ 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.

Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ All Rights Reserved. 3 Wills (some vocabulary) witnessed real property personal property testator holographic will nuncupative will subscribe acknowledge beneficiary

Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ All Rights Reserved. 4 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

Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ All Rights Reserved. 5 Changing the Will A will may be changed Wills are often revoked or changed

Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ All Rights Reserved. 6 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.

Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ All Rights Reserved. 7 How to Create a Trust The title to property is divided into two parts: legal title and equitable title.

Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ All Rights Reserved. 8 Express Trusts 1.Living Trusts 2.Testamentary Trusts

Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ All Rights Reserved. 9 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.

Introduction to Law, 4 th Edition Hames and Ekern © 2010 Pearson Higher Education, Upper Saddle River, NJ All Rights Reserved. 10 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.