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Explore the differences between divorce and annulment, including legal implications. Learn about asset distribution upon death through wills, intestacy, and trusts. Discover vital information regarding the roles of executors and administrators in managing estates, as well as the importance of living wills and the different types of trusts. Grasp how to ensure your assets are distributed according to your wishes through proper estate planning.
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Day 71………12/11 How does Divorce differ from Annulment?
Day 72…… 12/12 List 4 possessions that you own. Upon your death to whom would you leave each possession ?
Property distribution upon death • Will • Intestacy • Trusts
Legal expression by which a person directs how his/her property will be distributed after death. Decedent - Deceased person Heirs - Persons who inherit by right of relationship Beneficiary or Heir? Will basics
A man who makes a will is called a testator, a woman is called a testatrix. The testator/testatrix must have capacity to create a will. Capacity?
The law of wills varies from state-to-state A will must be • in writing, • properly signed • witnessed. • Holographic will • Nuncupative will Will Requirements
The testator/testatrix should write a new will or change it by a codicil (amendment to a will). The will may state a guardian for children if spouse is not alive Children Changes to your will
Executor (male) /executrix (female) Who sees that your wishes are met upon death? (testate)
Duty of Executor: • Make sure the assets are assembled, preserved, inventoried, and appraised (court supervised procedure) • Publish notice to creditors • Pay all legitimate expenses of the decedent • Distribute property according to will
Why? • The estate is handled in the same way as if there was a will. • Instead of an executor/executrix, there is an administrator/administratrix to look after the estate Intestacy (without Will)
Power of Attorney Special Power of Attorney Living Will Medical Directives
What are NC estate distribution laws – AND what are there laws that protect family / spouse - Intestacy? 19.2 – vocab and assessment #1-9
The administrator must distribute the estate according to the laws of the state • The personal property heirs according to state law • Generally, the spouse is entitled to 1/3 or 1/2 of the estate • Children split the remaining equally • Children cannot be forgotten • If someone dies without a will and does not have a living relative, after the bills are paid, then the estate is held by state government.
Day 73…….12/13 What is the benefit of having a living Will?
*Trusts Transfer of property from one party to another with instructions on how it is to be managed for the benefit of the transferor or a third party The creator of the trust is known as the *settlor. Trusts may be created during the lifetime of the settlor, known as *inter vivos trust
Trusts created after the death of the settlor in correspondence with his or her will, known as a *Testamentary trust *Charitable trust is created for the fulfillment of humane purposes. *Private trust is created for a private purpose wyv 350 • *Spendthrift trust protects the beneficiary from creditors
*Express Trusts are created by a written or oral statement in which all terms are clearly expressed. *Implied Trusts • Resulting Trust: formed when the body intended to receive the benefit of an express trust cannot do so • Constructive Trust: created to require a person holding property to transfer it to another because retaining the property would be wrong and unjust
Day 75…..5/16/13 1. What is an executor? 2. What is an administrator? 3. What is the term for when a person dies without a will? 4. What is a holographic will? 5. What is the transfer of property from one person to another called?
