Wills and Trust

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Wills and Trust
2012-06-25 15:56:35
Wills Trust

Show Answers:

  1. What is a holographic will?
    handwritten will
  2. How is a trust revocable?
    • Settlor (A) can cause it to be revoked, compel the trustee to give the property back to the settlor, can amend the distribution in any way during the settlor's lifetime.
    • ("A" retains control/value/benefit of the property for
    • "A"'s lifetime). Settlor (A) can put money, stock, and even
    • property into a trust. "A" gets income from the interest of the
    • property/monies that is put into the trust.

    • Beneficiary has expectancy, but does not have any right/interest to the property at the time the
    • revocable trust is created
  3. How does a trust become irrevocable?
    • A gives up lifetime control and lifetime value.
    • The beneficiary receives the interest of the property (in trust) at the time the irrevocable trust is created, because A did not retain any control or value of the property during his lifetime.
  4. When does a will become effective?
    Upon the death of the testator
  5. Definition: Executor
    A personal representative who is named in the will and is responsible for executing the will and administering the probate estate
  6. Definition: Administrator
    When the will does not name an executor, the named executor is unable or unwilling to serve, OR the decedent dies intestate, the court will name a personal representative, who is generally called an administrator.
  7. The administrator is usually selected from a statutory list of persons who are to be given preference, typically in the following order : surviving spouse, children, parents, siblings, creditors.