Basic Wills, Trusts, and Estates for Paralegals

Basic Wills, Trusts, and Estates for Paralegals

by Jeffrey A. Helewitz

Paperback(Older Edition)

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Product Details

ISBN-13: 9780735514294
Publisher: Wolters Kluwer Law & Business
Publication date: 11/28/2000
Edition description: Older Edition

Table of Contents

Prefacexvii
Acknowledgmentsxix
Introductionxxi
Chapter 1General Overview of Estate Planning and Estate Administration1
Chapter Overview1
Estate Planning2
Estate Planning Strategies4
Gifts4
Title Transfers5
Trusts6
Life Insurance6
Wills7
How to Make an Effective Estate Plan8
Situational Analysis9
Estate Administration12
Situational Analysis16
Chapter Summary16
Key Terms17
Case Studies19
Exercises20
Chapter 2Sources of Property21
Chapter Overview21
Types of Property22
Real Property23
Concurrent Ownership24
Tenancy in Common24
Joint Tenancy25
Tenancy by the Entirety27
Community Property28
Tenancy in Partnership28
Life Estates29
Leaseholds31
Other Interests in Real Property32
Mortgage32
Easements32
Liens33
Elective Share33
Personal Property35
General Tangibles35
Intangibles36
General Intangibles36
Intellectual Property39
Claims and Benefits40
Situational Analysis42
Chapter Summary43
Key Terms44
Case Studies46
Exercises47
Chapter 3The Laws of Succession49
Chapter Overview49
Intestate Succession Defined50
How Intestate Succession Works51
Situational Analysis54
Intestate Administration55
The Effect of the Laws of Succession57
Situational Analysis58
Chapter Summary59
Key Terms59
Case Studies60
Exercises62
Chapter 4Trusts63
Chapter Overview63
Trust Requirements65
A Trustor65
Trust Property67
A Valid Trust Purpose68
A Trustee70
A Beneficiary76
Types of Trusts79
Express Trusts79
Implied Trusts81
Special Situation Trusts83
Spendthrift Trusts83
Short-Term Trusts83
Supplemental Needs Trusts84
Totten Trusts84
Marital Deduction Trusts85
Life Insurance Trusts85
Creation of the Trust86
Inter Vivos Trusts86
Testamentary Trusts87
Restrictions on Trusts88
Statute of Uses88
Rule Against Perpetuities89
Investments and Roles of the Parties91
Restrictions on Trust Purpose91
Termination of Trusts93
Tax Considerations95
General95
Short-Term Trusts96
Generation Skipping Transfers97
Drafting a Trust98
Situational Analysis101
Chapter Summary102
Key Terms104
Case Studies106
Exercises108
Chapter 5Wills109
Chapter Overview109
Testamentary Capacity110
Age110
Mental Ability110
Intent112
Fraud112
Menace112
Undue Influence113
Temporary Incapacity114
Will Provisions114
Surviving Spouse114
Antenuptial Agreements115
Omitted Children115
Advancements116
Charitable Gifts116
Ademption116
Lapsed Gifts117
Abatement117
Drafting a Will118
Preparation118
Clauses120
Executing a Will129
Witnesses129
Execution130
Self-Proving Wills132
Miscellaneous Instruments132
Nuncupative Wills132
Holographic Wills133
Statutory Wills134
Living Wills134
Power of Attorney134
Changing the Will135
Amendment Through Codicils135
Amendment Through Operation of Law136
Revocation137
Will Contests137
Sample Will and Accompanying Documents141
Situational Analysis146
Chapter Summary147
Key Terms148
Case Studies149
Exercises151
Chapter 6Estate Administration153
Chapter Overview153
The Preprobate Process154
Death Certificate154
Exhibit 1.Death Certificate156
Petition to Open Safe Deposit Box157
Exhibit 2.Petition to Open Safe Deposit Box158
Petition to Search159
Exhibit 3.Petition to Search160
Petition for Guardian ad Litem161
Petition for Family Allowance161
Petition for Interim (Preliminary, Temporary) Letters161
Probate Administration162
Exhibit 4.Informal Proceeding Forms163
Petition for Letters of Administration170
Exhibit 5.Petition for Letters of Administration171
Petition for Letters Testamentary172
Exhibit 6.Petition for Letters Testamentary173
Notice and Waivers of Notice175
Exhibit 7.Notices and Waivers176
Probate Hearing182
Letters182
Exhibit 8.Order and Letters184
Estate Administration186
Exhibit 9.Final Accounting189
Chapter Summary192
Key Terms193
Case Studies194
Exercises195
Chapter 7Taxation197
Chapter Overview197
Federal Tax Law199
Federal Tax Forms200
SS-4: Application for Employer I.D. Number200
Form 706--United States Estate and Generation Skipping Transfer Tax Return200
Form 706 Schedules Relating to Assets202
Schedule AReal Estate202
Schedule BStocks and Bonds203
Schedule CMortgages, Notes, and Cash205
Schedule DInsurance on Decedent's Life205
Schedule EJointly Held Property206
Schedule FOther Miscellaneous Property207
Schedule GTransfers During Decedent's Life207
Schedule HPowers of Appointment208
Schedule IAnnuities208
Form 706 Schedules Relating to Deductions209
Schedule JFuneral and Administrative Expenses209
Schedule KDebts of the Decedent209
Schedule LNet Losses During Administration210
Schedule MBequests to Surviving Spouse210
Schedule NQualified ESOP Sales210
Schedule OCharitable, Public, and Similar Gifts and Bequests210
Form 706 Schedules Relating to Credits211
Schedule PCredit for Foreign Taxes Paid211
Schedule QCredit for Tax on Prior Transfer211
Schedule RGeneration Skipping Transfer212
Schedule SExcess Retirement Accumulations212
Form 1041--Fiduciary Income Tax Return212
Form 1040--U.S. Individual Income Tax Return212
Situational Analysis213
Chapter Summary213
Key Terms215
Case Studies215
Exercises217
Chapter 8Comparison of the Law in the Different Jurisdictions219
Chapter Overview219
State-by-State Analysis220
Chapter Summary268
Exercises268
AppendixForms269
Glossary415
Index425

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