Estate Planning
| Testamentary Intent |
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| In order to make a will, a person must intend to make a will. A person must have what is known as testamentary intent. The adjective 'testamentary' means related to a will, and is a derivative of the word 'testament'--the Latin word for will. The Latin phrase for testamentary intent is animus testandi, "the intention to make a testament." More... |
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| Hilton on Charity |
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| A remarkable statement about the nature of charity entered the public domain after hotel chain founder Conrad N. Hilton died on January 3, 1979, in Santa Monica, California. As the founder and head of Hilton hotels, Mr. Hilton was a very financially-rich man. A portion of his will revealed that he had begun to measure the riches of a man or woman in other ways. In his will, Mr. Hilton bequeathed property to the Conrad N. Hilton Foundation. He also described the nature of charity as follows. More... |
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| Inheritance Without Planning Means No Provisions Beyond the Default Plan |
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| When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under which his or her net estate is disposed. When a person dies intestate, there is no adding of provisions beyond the default plan. The default plan is only the default plan and nothing more. This article discusses the disadvantages of descent and distribution related to the inability to add provisions beyond the default plan. More... |
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| What is a Will? |
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| A simple definition of a will can be found in a paralegal textbook, Edward A. Nolfi's Basic Wills, Trusts, and Estates (Glencoe/McGraw-Hill 1995). Mr. Nolfi writes that: "A will is a formal letter to the probate court judge declaring what the maker wants after death." Let's look at each part of this intriguing definition. More... |
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| Trusts Classified |
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| Trusts are commonly classifed in two ways. The first way is by the duties of the trustee. The second way is by the intent, if any, of the settlor to create a trust. This article discusses generally these two ways of classifying a trust. More... |
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