Professional Documents
Culture Documents
Exam 1 Review
Spring 2015
Property Interests
Real Property v. Personal Property
Legal v. Equitable ownership
Fee Simple, Life Estate, Contingent
Remainders, Vested Remainders
TC, JT, TE
Community Property v. Non-community
Property (when you get a step up in basis
and when you get a double)
Probate Process
Testate v. Intestate
Executor v. Administrator
Probate Property v. Nonprobate Property
Probate Process
Advantages and Disadvantages
Ancillary Probate
Power of Attorney
Medical directives
Wills
Trusts
Will substitutes
Medial directives
Living wills
Health care proxy/Medical power of attorney
Do not resuscitate order (DNRs)
Powers of Attorney
Powers of Appointment
Wills
Types of Wills
Statutory v. Holographic v. Nuncupative
Reciprocal/Mutual Will v. Joint Will
Legal requirements
Modifying
Revoking
Ways to contest a will
Capacity
Undue influence
Trusts
Trusts
Elements of a trust
When trusts are used
How trusts are created
How trusts are administered
Choice of trustee
Clauses in a trust
Tax implications of trusts
Types of Trusts
Pour-over trust
Trusts for minors
2503(b) trust
2503(c) trust
Charitable Trusts
Unitrusts (CRUTs)
Annuity trusts (CRATs)
Unitrusts (CLUTs)
Annuity trusts (CLATs)