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Understanding Transfers Upon Death: Key Concepts and Terminology

This guide explores the fundamental principles of property disposition upon death, including the inevitability of mortality and historical methods of distributing assets. It covers intestate succession, testate succession, and the terminology associated with wills and estate planning, such as heirs, beneficiaries, and the requirements for a valid will. The document also distinguishes between real and personal property, and outlines the meanings of terms like devise, bequest, and legacy. Understanding these concepts is crucial for effective estate planning and ensuring proper transfer of ownership.

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Understanding Transfers Upon Death: Key Concepts and Terminology

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  1. Transfers Upon Death

  2. Basic Premise • Life is 100% fatal.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  18. Requirements of a Valid Will • 1. Legal Capacity

  19. Requirements of a Valid Will • 1. Legal Capacity • 2. Testamentary Capacity (“sound mind”)

  20. Requirements of a Valid Will • 1. Legal Capacity • 2. Testamentary Capacity • 3. Testamentary Intent

  21. Requirements of a Valid Will • 1. Legal Capacity • 2. Testamentary Capacity • 3. Testamentary Intent • 4. Formalities • Attested will (written, signed, witnessed) • Holographic will (handwritten, signed) • Nuncupative will (oral)

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