Wills.txt

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Anonymous
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160433
Filename:
Wills.txt
Updated:
2012-06-28 23:20:37
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Wills
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Wills
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  1. Intestate rights of surviving spouse to estate
    • No step-children or abandonment = 100% spouse
    • Step-children = 1/3 spouse, 2/3 kids
    • Spouse abandoned decedent = 0% spouse
  2. Rights of spouse or minor children in intestatesuccession apart from % of estate
    • 1. Residence - rent free for one year
    • 2. Exempt personal property up to $15,000
    • 3. Family allowance of $18,000 (more can be petitioned for; it is 1 year of maintenance and support)
    • 4. If no property, homestead allowance of $15,000 
  3. Inheritance by descendents rule in case of intestacy
    • 1, Per capita with representation (per stirpes)
    •      - 1st generation of descendentswith a living mom shares equally
    •      - Any dead member of that generation doesn't count
    •      - Unless they have children, in which case the children'sshare the dead person's share 
  4. When intestate decedent has no surviving spouse or descendents, estate goes, in order, to
    • 1. Parents
    • 2. Descendents of parents (per capita w/representation)
    • 3. Grandparents (1/2 maternal, 1/2 paternal)
    • 4. Grandparent's descendents (per capita w/representation)
    • 5. Keep going until you find someone
    • 6. Failing that, try the same process for the last deceased spouse's kin
    • 7, Failing that, it goes to the state of VA (VA Literary Fund) 
  5. Treatment of half siblings when inheriting from intestate siblings
    • Full siblings (whole blood) get a full share
    • Half siblings (half blood) get half that 
  6. Treatment of adopted children in intestate estates
    • If both parents adopt = Full rights for adoptive parents and no rights for biological parents
    • If step-parent adopts = Inheritance rights for step-parent and inheritance rights for both biological parents
    •  
  7. Inheritance rights for non-marital children
    Full rights
  8. Tests to prove paternity
    • Any one of these:
    • 1. Marriage to the mother
    • 2. Adjudicated to be the father in a filiation proceeding
    • 3. Clear and convincing evidence from
    •      1. Birth certificate
    •      2. Admits paternity in court, or under oath
    •      3. DNA test
    •      4. Cohabitation with mother during 10 months before birth
    •      5. Allow children to use surname
    •      6. Tax return or other document filed w/government claimed child
    •       
  9. How soon is a death a simultaneous death
    Within 5 days or 120 hours
  10. Advancement
    Large gift presumed to be an advance on inheritance
  11. Requirements to find advancement
    • 1. Large gift
    • 2. To descendent
    • 3. In intestate succession
    • 4. Presumption can still be rebutted 
  12. Process for calculating advancement
    • Hotchpot = Add advancement to estate
    •      1. Calculate payouts
    •      2. Deduct advancements from payouts to those recipients 
  13. Ademption by satisfaction
    Advancement when there is a valid will
  14. When is Ademption by Satisfaction used in VA
    • 1.  Gift was declared by donor in writing at time to be a part of the bequest
    • 2. Gift was acknowledged by donee in writing at the time to be a part of the bequest
    • 3. Will acknowledges any gifts made in life are a part of the bequest 
  15. How does an intestate heir diclaim
    • 1. Must be in writing (or other record)
    • 2. Must be delivered to estate representative or payor on will substitute
    • 3. No time limit except for tax benefits (9 months for that) 
  16. When Slayer Statute pplies
    • Either:
    • 1. Heir convicted of murder or voluntary manslaughter
    • 2. Heir found to have comitted murder by preponderance of evidence if no trial was possible
    •  
  17. Types of Will
    • 1. Witnessed
    • 2. Holographic
    • 3. Noncupative (not really tested) 
  18. Requirements for a witnessed Will
    • 1. Testator 18 or emancipated
    • 2  Signed by testator or at his direction and in his presence
    • 3. Two witnesses required, or one with clear and convincing evidence of intent
    • 4. Witnesses need not be present if there is clear and convincing evidence of intent
    • 5. Witnesses can be interested parties 
  19. Effect of codicil
    Adds to the Will but does not revoke it
  20. Requirements for a valid codicil are different from those for a Will how
    Not at all
  21. Requirements for a holographic Will
    • 1. Handwritten
    • 2. Signed by the testator (usually at the end)
    • 3. Wholly in testator's handwriting, proved by 2 witnesses (to handwriting not Will)
    • 4. Death talk or other indication that it is a Will
    • 5. Signature at the end or something else to indicate that document is complete 

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