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A pour-over clause in a will gives probate property to a trustee of the testator's separate trust and must be validated either under incorporation by reference by identifying the previously existing trust which the property will be poured into, or under the doctrine of acts of independent significance by referring to some act that has ...
Example: "I leave my cactus collection to my children, my wife Pat to choose who receives which cactus." A special power of appointment allows the recipient to distribute the designated property among a specified group or class of people, not including donee, donee's estate, creditors of donee, or creditors of donee's estate. [2]
The testator devises assets to a class of beneficiaries where the testator controls membership. For example, Joey leaves the contents of his bank account "to my employees." If Joey then fires some of old employees and hires new ones, the new employees will inherit the contents of the bank account under this provision.
Pour-over will; Cy-près doctrine; Hague Convention (conflict law) Application in civil law; Dishonest assistance; Estate administration; Intestacy; Testator; Probate; Power of appointment; Simultaneous death; Slayer rule; Laughing heir; Advancement; Disclaimer of interest; Inheritance tax; Related topics; Advance directive (Living will) Blind ...
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
The examples and perspective in this article deal primarily with the United States and do not represent a worldwide view of the subject. You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate. (December 2010) (Learn how and when to remove this message)
Letters of Administration are granted by a surrogate court or probate registry to appoint appropriate people to deal with a deceased person's estate where property will pass under intestacy rules or where there are no executors living (and willing and able to act) having been validly appointed under the deceased's will.
A will contract is a term used in the law of wills describing a contract to exchange a current performance for a future bequest. In such an agreement, one party (the promisee) will provide some performance in exchange for a promise by the other party (the testator, because they must draft a will) to make a specific bequest to the promisee party in the testator's will.
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