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Lapse And Anti-lapse
{{Wills, trusts, estates Lapse and anti-lapse are complementary concepts under the United States, US law of will (law), wills, which address the disposition of property that is willed to someone who dies before the testator (the writer of the will). Lapse At common law, lapse occurs when the beneficiary or the devisee under the will predeceases the testator, invalidating the gift. The gift would instead revert to the residuary estate or be granted under the law of intestate succession. If the deceased beneficiary was intended to inherit part or all of the residuary estate, then that portion of the estate would pass by intestacy, intestate succession, as though the testator had left no will. This rule is referred to as the doctrine of no residue of a residue, because the portion of the residuary estate that did not itself pass under the will could not be considered part of the residuary estate at all. Under section 2-604(b) of the uniform probate code, "if the residue is devised t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Will (law)
A will or testament is a legal document that expresses a person's (testator) wishes as to how their property ( estate) is to be distributed after their death and as to which person ( executor) is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy. Though it has at times been thought that a "will" historically applied only to real property while "testament" applied only to personal property (thus giving rise to the popular title of the document as "last will and testament"), the historical records show that the terms have been used interchangeably. Thus, the word "will" validly applies to both personal and real property. A will may also create a testamentary trust that is effective only after the death of the testator. History Throughout most of the world, the disposition of a dead person's estate has been a matter of social custom. According to Plutarch, the written will was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Testator
A testator () is a person who has written and executed a Will (law), last will and testament that is in effect at the time of their death. It is any "person who makes a will."Gordon Brown, ''Administration of Wills, Trusts, and Estates'', 3d ed. (2003), p. 556. . Related terms * A female testator is sometimes referred to as a testatrix (), plural testatrices (), particularly in older cases. *In Ahmadiyya Islam, a testator is referred to as a moosi, who is someone that has signed up for Wasiyyat or a will, under the plan initiated by the Mirza Ghulam Ahmad, Promised Messiah, thus committing a portion, not less than one-tenth, of his lifetime earnings and any property to a cause. * The adjective, adjectival form of the word is testamentary, as in: # Testamentary capacity, or mental capacity or ability to execute a will and # Testamentary disposition, or gift made in a will (see that article for types). # Testamentary trust, a trust (law), trust that is created in a will. * A will (la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Residuary Estate
A residuary estate, in the law of wills, is any portion of the testator's estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. It is also known as a residual estate or simply residue. The will may identify the taker of the residuary estate through a ''residuary clause'' or ''residuary bequest''. The person identified in such a clause is called the ''residuary taker'', ''residuary beneficiary'', or ''residuary legatee''. Such a clause may state that, in the event all other heirs predecease the testator, the estate would pass to a charity (that would, presumably, have remained in existence). If no such clause is present, however, the residuary estate will pass to the testator's heirs by intestacy Intestacy is the condition of the estate of a person who dies without having in force a valid will or other binding declaration. Alternatively this may also apply where a will or declaration has been made, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intestacy
Intestacy is the condition of the estate of a person who dies without having in force a valid will or other binding declaration. Alternatively this may also apply where a will or declaration has been made, but only applies to part of the estate; the remaining estate forms the "intestate estate". Intestacy law, also referred to as the law of descent and distribution, refers to the body of law (statutory and case law) that determines who is entitled to the property from the estate under the rules of inheritance. History and the common law Intestacy has a limited application in those jurisdictions that follow civil law or Roman law because the concept of a will is itself less important; the doctrine of forced heirship automatically gives a deceased person's next-of-kin title to a large part (forced estate) of the estate's property by operation of law, beyond the power of the deceased person to defeat or exceed by testamentary gift. A forced share (or legitime) can often only be d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Simultaneous Death Act
The Uniform Simultaneous Death Act is a uniform act enacted in some U.S. states to alleviate the problem of simultaneous death in determining inheritance. The Act specifies that, if two or more people die within 120 hours of one another, and no will or other document provides for this situation explicitly, each is considered to have predeceased the others. However, the Act contains a clause that states if the result would be an intestate estate escheating to the state, the 120-hour rule is not to be applied. The Act was promulgated in 1940, when it was adopted by all 48 then-existing states. It was last amended in 1993. , 19 states (Alaska, Arizona, Arkansas, Colorado, Hawaii, Kansas, Kentucky, Massachusetts, Montana, New Hampshire, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Utah, Virginia, and Wisconsin), as well as the District of Columbia and the Virgin Islands have explicitly adopted the Act in its current version. A number of other states ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Probate Code
The Uniform Probate Code ( commonly abbreviated UPC) is a uniform act drafted by National Conference of Commissioners on Uniform State Laws (NCCUSL) governing inheritance and the decedents' estates in the United States. The primary purposes of the act were to streamline the probate process and to standardize and modernize the various state laws governing wills, trusts, and intestacy. History Drafting of the Uniform Probate Code began in 1964. The final version of the original UPC was promulgated in 1969 as a joint project between NCCUSL and the Real Property, Probate and Trust Law Section of the American Bar Association. Richard V. Wellman served as Chief Reporter on the project. The UPC has been revised several times, most recently in 2008. Adoption by the states Although the UPC was intended for adoption by all 50 states, the original 1969 version of the code was adopted in its entirety by only fifteen states: Alaska, Arizona, Colorado, Hawaii, Idaho, Maine, Michigan, Minn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
