Tabs for Contents, notes, highlights

Hide Contents, Notes, and Highlights

Search TermsShow Hide

« Back to eTextbook

Copyright, ii
Preface, iii
Acknowledgments, v
About the Author, vii
Part I. Estate Planning, 1
Chapter 1. Wealth, Property, and Estates, 3
Objectives, 3
The Need for a Plan, 3
Introduction and Basic Terminology for Wills, 4
Purposes of a Will, 5
Definitions and Categories of Property, 6
Types of Property Ownership, 6
Probate Versus Nonprobate Property, 11
The Estate Planning and Estate Administration Portfolio, 11
Estate Planning Case Examples, 13
Key Terms, 15
Review Questions, 15
Role-Playing Activity, 15
Research Assignments, 15
Build Your Portfolio, 15
Chapter 2. Intestate Succession, 16
Objectives, 16
The Consequences of Failing to Plan, 16
Intestate Versus Testate: Basic Terminology, 17
Laws of Intestate Succession, 18
Preference for Heirs and Escheat, 18
Special Considerations for Spouse, Children, and Other Heirs, 21
Per Stirpes Versus Per Capita, 22
Key Terms, 25
Review Questions, 26
Role-Playing Activity, 26
Research Assignments, 26
Build Your Portfolio, 26
Chapter 3. Basic Estate Planning, 27
Objectives, 27
The Advantages of Planning, 27
A Will’s Content: Gifts, 28
How Gifts Fail, 28
A Will’s Content: Directions, 31
Requirements for a Valid Will, 31
Intent, 31
Testamentary Capacity, 32
Other Formalities, 33
1. A Writing, 33
2. Testator’s Signature, 33
3. Witnesses’ Signatures, 34
Changing or Revoking Wills, 35
1. By Physical Act, 36
2. By Later Instrument, 36
3. By Operation of Law Due to Changed Circumstances, 37
Other Basic Estate Planning Documents, 38
1. Codicil, 38
2. Power of Attorney, 38
3. Power of Attorney Health Care, 39
4. Living Will, 43
Key Terms, 45
Review Questions, 45
Role-Playing Activity, 46
Research Assignments, 46
Build Your Portfolio, 46
Chapter 4. Drafting a Basic Will, 47
Objectives, 47
Implementing the Client’s Plan, 47
Initial Client Conference, 47
Sections of a Will, 51
1. Title, 51
2. Exordium Clause, 53
3. Revocation Clause, 53
4. Direction to Pay Debts and Taxes, 54
5. Instructions for Funeral, 54
6. Dispositive Provisions, 54
7. Residuary Clause, 55
8. Disinheritance, 56
9. Spousal Election / Community Property, 57
10. Survivorship Requirement, 57
11. Simultaneous Death Clause, 58
12. Nomination of Personal Representative, 58
13. Direction Nominating Guardian, 59
14. Testimonium Clause, 60
15. Testator’s Signature, 60
16. Attestation Clause, 61
17. Witnesses’ Signatures, 61
Drafting Tips, 61
Execution of the Will, 62
Proper Will Storage, 63
1. The Safety Deposit Box at a Financial Institution, 63
2. The Attorney’s Office, 63
3. The Courthouse, 63
4. Fireproof Safe or Box, 63
Key Terms, 63
Review Questions, 64
Role-Playing Activity, 64
Research Assignments, 64
Build Your Portfolio, 64
Chapter 5. Trusts, 65
Objectives, 65
Complicated Planning, 65
The Requirements of a Trust, 66
1. A Designated Beneficiary, 66
2. A Designated Trustee, 67
3. A Fund Sufficiently Identified to Enable Title to Pass to the Trustee, 72
4. Actual Delivery by the Settlor to the Trustee with the Intent of Passing Title, 72
Types of Trusts, 73
1. Express Versus Implied Trusts, 73
2. Private Versus Public Trusts, 73
3. Inter Vivos Versus Testamentary Trusts, 75
4. Revocable Versus Irrevocable Trusts, 75
5. Other Miscellaneous Trusts, 75
Termination of Trusts, 77
1. Revocation of the Trust by the Settlor, 77
2. Rescission or Reformation of the Trust, 77
3. Expiration of the Period for Which the Trust Was Created, 78
4. The Purposes of the Trust Become Impossible or Illegal to Perform, 78
5. Merger, 78
Drafting Tips and Sample Trust Agreements, 79
1. Name of Trust and Introductory Information, 79
2. Section One: Trust Estate, 79
3. Section Two: Revocation and Amendment, 79
4. Section Three: Additions to Trust Estate, 83
5. Section Four: Disposition of Income, 83
6. Section Five: Invasion of Principal for Spouse and Descendants, 83
7. Section Six: Powers of Trustee, 84
8. Section Seven: Transactions with Third Persons, 84
9. Section Eight: Compensation of Trustee, 84
10. Section Nine: Removal or Resignation of Trustee and Appointment of Successor, 84
11. Section Ten: Accounting to Income Beneficiaries and Remainder Beneficiaries, 84
12. Section Eleven: Governing Law, 84
13. Signature, 84
Key Terms, 90
Review Questions, 90
Role-Playing Activity, 90
Research Assignments, 90
Part II. Estate Administration, 91
Chapter 6. Overview of Estate Administration and the Personal Representative, 93
Objectives, 93
Following Through on the Plan: The Administration of the Estate, 93
An Overview of the Six-Step Procedure for Administration of an Estate, 94
Step One: Issuance of Letters of Appointment, 95
Step Two: Inventory and Appraisal, 97
Step Three: Creditors’ Claims, 97
Step Four: Tax Documents, 97
Step Five: Final Account, 98
Step Six: Closing the Estate, 98
The Personal Representative, 98
Types of Personal Representatives, 98
Appointment, 99
Powers and Duties, 99
Bond, 102
Termination, 105
1. Estate Completion, 106
2. Death or Disability, 106
3. Resignation, 106
4. Removal, 106
The Estate Planning and Estate Administration Portfolio, 107
Estate Administration: Case Examples, 107
Key Terms, 111
Review Questions, 111
Role-Playing Activity, 111
Research Assignments, 111
Build Your Portfolio, 112
Chapter 7. Step One—Issuance of the Letters of Appointment, 113
Objectives, 113
Effectuating the Estate Administration Plan: The Initial Steps, 113
Initial Client Conference, 113
Initial Action of the Law Firm, 118
Compile Financial Information, 118
Determine Heirs and/or Beneficiaries, 118
Prepare Petition, 120
1. A Caption, 120
2. The Body, 120
3. The Closing, 121
Prepare Other Court Documentation, 121
1. Proof of Heirship, 121
2. Notice for Hearing, 125
3. Oath, 132
4. Bond, 132
5. Orders, 132
Miscellaneous Actions, 139
Obtain Letters of Appointment, 150
Key Terms, 150
Review Questions, 150
Role-Playing Activity, 151
Research Assignments, 151
Build Your Portfolio, 151
Chapter 8. Step Two—Inventory and Appraisal and Step Three—Creditors’ Claims, 152
Objectives, 152
See the Plan Take Form, 152
Inventory, 153
Appraisal, 162
Notification to Creditors of Estate, 162
Creditor’s Options, 169
Estate’s Response to Known Claims, 170
Preference of Creditors, 174
Key Terms, 177
Review Questions, 177
Role-Playing Activity, 178
Research Assignments, 178
Build Your Portfolio, 178
Chapter 9. Step Four—Tax Documents, 179
Objectives, 179
The Plan Works: Less Wealth to the Government, 179
Introduction to Tax Law, 179
The Employer Identification Number, 180
Decedent’s Final Income Tax, 180
Introduction to Estate Tax, 184
The Unified Credit or Applicable Exclusion Amount, 184
Federal Estate Tax: Form 706, 184
State Estate Tax, 193
Inheritance Tax, 193
Fiduciary Tax, 193
Closing Certificates, 198
Key Terms, 200
Review Questions, 200
Role-Playing Activity, 200
Research Assignments, 200
Build Your Portfolio, 200
Chapter 10. Step Five—Final Account and Step Six—Closing the Estate: Additional Estate Administration Procedures, 201
Objectives, 201
The Plan Culminates in the Final Outcome, 201
The Final Account, 202
Closing the Estate, 210
1. Receipts, 210
2. Order for Distribution, 212
3. Order Discharging the Personal Representative, 212
Will Contests, 212
1. Cost, 217
2. Grounds, 218
3. Likelihood of Success, 218
Small Estate Administration, 219
1. Summary Administration, 219
2. Transfer by Affidavit, 227
Ancillary Administration, 230
Key Terms, 232
Review Questions, 232
Role-Playing Activities, 232
Research Assignments, 232
Build Your Portfolio, 232
Glossary, 233
Index, 239

Search Results

« Back to eTextbook


PAGE	Description

3	...

Tabs for Contents, notes, highlights

Table of Contents

Search Results