Freedom of disposition is the dominant principle of trusts and estates law which advocates that the law should grant people freedom to dispose of their property in any way they want once they pass away. Two schools of thought surround this...
trusts and estates
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A general devise is a monetary gift given in a will which is paid out of the estate’s general assets. Unlike a specific devise, a general devise is not identifiable as any specific property.
For example, a gift of $20,000...
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A general power of appointment gives the holder, also known as the donee, the broad power to give away the decedent’s property to whoever the holder determines. For example, if a holder of a power of appointment can give the property to...
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The harmless error rule states that if a mistake is made during the creation of a will, but it is not significant enough to affect the overall validity of the document, the will can still be recognized as valid and entered into probate court...
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The implied revocation of a will, also known as a revocation by inconsistency, occurs when a testator, who already has a will, executes a new will which is inconsistent with the first and fails to include a provision expressly revoking the...
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An inter vivos transfer is a transfer of property made during a person’s lifetime. It can be contrasted with a testamentary transfer, which is a transfer made in a will after death. A revocable trust is considered an inter vivos transfer even...
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Intestacy Rules are rules for distributing property that belonged to someone who died intestate. Intestacy rules usually take the form of sequential if-then statements that tell a probate court which heirs should be given priority in...
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If a power is mandatory, then there is a duty to exercise it. A mandatory power of appointment can be contrasted with a discretionary power of appointment. If the power holder fails to exercise the mandatory power of appointment, the court must step in...
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The Modern Portfolio Theory is the theory currently guiding the Prudent Investor Rule for trust administration by the trustee. The Modern Portfolio Theory judges prudence not on investment strategy on individual investments but on the portfolio as a...
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Modified per stirpes is a system of determining the descendants that will take from individuals who have died intestate. Any part of the intestate estate not passing to the decedent’s surviving spouse is passed to the descendants of the decedent. In...