1. 24-1 Legal Consequences of Death 24-2Trusts 1 Chapter 24 CHAPTER 24

2. Discuss the benefits of making a will Describe how a valid will is made 2 Chapter 24 LESSON 24-1

3.  Will  Estate  Decedent  Intestate  Administrator/ Administratrix  Testate  Testator/Testatrix  Executor/Executrix  Codicil  Holographic Will  Nuncupative Will  Escheats  Settlor, Trustee, Beneficiary  Trust Chapter 24 3

4. Probate Court settles the estate Administrator/Administratrix Pay all debts + Administrative costs Distributes remainder according to Intestacy Statutes for each state Chapter 24 4

5. Creation and execution of a valid will testamentary intent 1.Testator or Testatrix must have testamentary intent – no pressure to make the will, no fraud 2.Testamentary Capacity 2.Testamentary Capacity under18 – NO 3.In writing 3.In writing signed by testator or testatrix, and signed by 2 adult witnesses 4.Executor/Executrix Chapter 24 5

6. Amendment of a valid will Codicil “Mil” Special types of wills Holographic Nuncupative **Terri Schiavo Case** Revocation of a will Revocation of a will – marriage, birth, in writing in a later will Chapter 24 6

7. Procedure for estate resolution  Proof of death, “Enoch Arden Law”  Inventory  Public notice  Pay claims  Distribute the rest If there are no inheritors - Escheats Chapter 24 7

8. Explain the usefulness of trusts Name and describe the various types of trusts Distinguish between express and implied trusts 8 Chapter 24 LESSON 24-2

9. immediate A trust is a legal device used to transfer the immediate control of property to another party.  Settlor  Trustee  Beneficiary “Trust Fund Baby” Chapter 24 9

10. Express Trust  Inter vivos trust  Inter vivos trust - alive  Testamentary trust  Testamentary trust - dead  Charitable trust  Private trust Spendthrift trust – protection from beneficiary’s creditors Chapter 24 10

11.  How would you test to determine if a holographic will was real? Chapter 24 11