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Wills & Trusts – Final Checklist
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WILLS: WILLS GENERALLY: •
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Choice of Law Ethical Issues in Will Drafting The roles of testamentary formalities Requirements of a ali! Will" #$ Ca%acity" LE'L & o TE(T')E*T'R+ ,$ Testamentary Intent o -$ Com%liance with (tatutory o Formalities$ (tatutory Formalities for Wills Wills #$ In Writing o o ,$ (igne! -$ Witnesse! o (elf./ro0e! Will 1ologra%hic Wills Dis%ensing with Formalities Harmless Error Error o o Substantial Substantial Compliance Compliance
WILL COMPONENTS : • • • • • •
Integration Incor%oration 2y Reference Re%u2lication 2y Co!icil 'cts 3E0ents4 of In!e%en!ent (ignificance )emoran!um at Death5(e%arate Writing Writing /our.60er Wills
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WILL R EVOCATION EVOCATION •
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WILL CONTEST THEORIES : • •
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Im%ro%er E7ecution Lack of Testamentary Testamentary Ca%acity o Lack of eneral Testamentary Testamentary Ca%acity Insane Delusions o Lack of Testamentary Intent 8n!ue Influence Frau! Duress Tortious Tortious Interference with an E7%ectancy In Terrorem5*o Contest Clauses
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Inter%reting the )eaning of a Will /lain )eaning Rule o Resol0ing 'm2iguities" Patent or Patent or o Latent )istake5Reforming Wills Wills o Classification of De0ises" (%ecific o
Re0ocation 2y (u2sequent Instrument o E$#ress %m#lied o Re0ocation 2y /hysical 'ct Lost &ill &ill Presum#tions Presum#tions"" o Re0ocation 2y Change! Circumstances Revocation "' (arria)e (arria)e o o Revocation for *mitted *mitted Children Children Revocation on Divorce Divorce o 1omici!e" :(layer (tatutes; Im%act of Re0ocation Partial Revocation Revocation o Revival o De#endent Relative Revocation Revocation o
PROTECTING THE FAMILY
INTERPRETING THE WILL •
eneral Demonstrati0e o Resi!uary o La%se5'ntila%se Simultaneous Death Rule o Sufficient Evidence Test " Test " 120-Hour Rule Class Gift o Changes in /ro%erty !"atement o !dem#tion 39y E7tinction5(atisfaction4 E7tinction5(atisfaction4 o !ccessions o E7oneration !##ortionment o Disclaimers o
(ur0i0ing (%ouse
PLANNING FOR I INCAPACITY: •
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Ca%acity 0$ Inca%acity .unctional Ca#acit' Ca#acit' o Le)al Ca#acit' o What ha%%ens WIT168T a!0ance %lanning for inca%acity= o #4 C*/SER!T*R
Wills & Trusts – Final Checklist ,4 G!RD%!/ o -4 &!RD o /roce!ure for Inca%acitate! In!i0i!uals" • /lanning )echanisms" •
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.inancial #4 Financial /ower of 'ttorney ,4 Inter i0os Re0oca2le Trust Health Care
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TRUSTS: INTRO: •
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Definitions (er)er Doctrine o )an!atory 0$ Default Rules
CREATION •
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OF TRUSTS
Elements5Requirements of a Trust" ' 0ali! #ur#ose o ' com#etent settlor o ' trustee o 'n intent to create a trust o /ro%erty > Cor%us 3Res4 ? Deli0ery o o # or more 2eneficiaries$ Ty%es of Trusts" Trusts for a Pur#ose o Charita2le Trusts /et Trusts Private Trust o %nter ivos Trust o Testamentar' Trust o o Revoca"le Trust %rrevoca"le Trust o *ral Trusts o Secret Trusts Semi-Secret Trusts o Secret Trusts Semi-Secret Trusts Remedies Constructi0e Trusts •
Resulting Trusts
TRUSTEE R IGHTS/DUTIES: • • • • •
Rights - )ain Duties" 'cce%tance of Trustee /osition" Resignation of Trustee Trust Distri2utions (andator' o Discretionar' o S#ra' or S#rin3le Provisions o
BENEFICIARY R IGHTS/DUTIES: •
Duties Ty%es of 9eneficiaries
R IGHTS OF CREDITORS: •
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With self.settle! trusts can usually get access to trust %ro%erty o Revoca"le Trust %rrevoca"le Trust o Where not self.settle! may ha0e to wait for !istri2utions (%en!thrift Clauses o %neffective a)ainst SPER CRED%T*RS Domestic 'sset /rotection Trusts" Geor)ia Choice of La4 o