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Transfers Upon Death

Transfers Upon Death. Basic Premise. Life is 100% fatal. History of At-Death Property Disposition. 1. Physical Strength and/or Finding. History of At-Death Property Disposition. 2. Bury with Decedent. History of At-Death Property Disposition. 3. Intestate Succession.

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Transfers Upon Death

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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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