Wills Trusts and Estates Flashcards

What is the purpose of probate?

Answer: To validate the will, identify assets, pay debts, and distribute the estate under court supervision

Probate is the court-supervised process of proving the will's validity, inventorying the estate, paying creditors and taxes, and distributing remaining assets to beneficiaries.

What is intestate succession?

Answer: The distribution of a deceased person's property according to state law when there is no valid will

When someone dies without a valid will (intestate), state intestacy statutes determine how their property is distributed, typically prioritizing surviving spouses and descendants.

What is a testamentary trust?

Answer: A trust created by the terms of a will that takes effect upon the testator's death

A testamentary trust is established through provisions in a will and only comes into existence upon the testator's death, subject to the probate process.

What is a fiduciary duty in estate administration?

Answer: The legal obligation to act in the best interest of the beneficiaries with loyalty and care

Fiduciary duty requires trustees and executors to act with loyalty, prudence, and care in managing estate assets solely for the benefit of the beneficiaries.

What is the elective share for a surviving spouse?

Answer: A statutory right to claim a minimum portion of the deceased spouse's estate regardless of the will

The elective share allows a surviving spouse to claim a statutory minimum percentage of the estate, overriding the will if necessary to prevent disinheritance.

What are the grounds for contesting a will?

Answer: Lack of testamentary capacity, undue influence, fraud, or improper execution

Wills can be contested on grounds including the testator's mental incapacity, undue influence by a beneficiary, fraud or forgery, or failure to meet formal execution requirements.