1. 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

2. 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

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

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

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

6. 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)

7. 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)

8. 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

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