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Chapter Nine

Chapter Nine. Wills, Trusts, and Probate. 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. witnessed real property personal property testator. holographic will

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Chapter Nine

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  1. Chapter Nine Wills, Trusts, and Probate

  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.

  3. witnessed real property personal property testator holographic will nuncupative will subscribe acknowledge beneficiary Wills(some vocabulary)

  4. 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 Preparation of a Will

  5. Changing the Will • A will may be changed • Wills are often revoked or changed

  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.

  7. How to Create a Trust The title to property is divided into two parts: legal title and equitable title.

  8. Express Trusts 1. Living Trusts 2. Testamentary Trusts

  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.

  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.

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