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Wills, Trusts, and Estates ------ Introduction

Wills, Trusts, and Estates ------ Introduction. Visiting from Texas Tech University. Lubbock, Texas. Lubbock, Texas. Lubbock, Texas. OSU Alum. Basic Premise. Life is 100% fatal. History of At-Death Property Disposition. 1. Physical Strength and/or Finding.

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Wills, Trusts, and Estates ------ Introduction

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  1. Wills, Trusts, and Estates------Introduction

  2. Visiting from Texas Tech University

  3. Lubbock, Texas

  4. Lubbock, Texas

  5. Lubbock, Texas

  6. OSU Alum

  7. Basic Premise • Life is 100% fatal.

  8. History of At-Death Property Disposition • 1. Physical Strength and/or Finding

  9. History of At-Death Property Disposition • 2. Bury with Decedent

  10. History of At-Death Property Disposition • 3. Intestate Succession

  11. History of At-Death Property Disposition • 4. Wills

  12. History of At-Death Property Disposition • 5. Will Substitutes

  13. Intestate Succession Terminology

  14. Intestate Succession • Common Law Split: • Crown = real property • Church = personal property

  15. Intestate Succession -- Terminology • Descent = succession to real property

  16. Intestate Succession -- Terminology • Distribution = succession to personal property

  17. Intestate Succession -- Terminology • Heir = person who receives property from an intestate decedent

  18. Intestate Succession -- Terminology

  19. Intestate Succession -- Terminology • Consanguinity = blood • Affinity = marriage

  20. Testate Succession Terminology

  21. Testate Succession -- Terminology • At common law – • Will = real property • Testament = personal property

  22. Testate Succession -- Terminology • Devise = gift of real property

  23. Testate Succession -- Terminology • Bequest = gift of personal property

  24. Testate Succession -- Terminology • Legacy – gift of money X

  25. Testate Succession -- Terminology • Beneficiary = any recipient of property (any type)

  26. Testate Succession -- Terminology • Codicil = amendment to an existing will

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