Wills Trusts Estates
Approaching a Wills Trusts Estates exam requires a clear understanding of key concepts such as testamentary formalities, the doctrines of intestate succession, and the administration of trusts. Identify and analyze legal issues starting from the facts presented in the exam question.
To be valid, a will must be in writing, signed by the testator, and witnessed by at least two individuals.
A holographic will does not require witnesses if the material provisions are in the testator's handwriting.
Testamentary capacity requires that the testator understand the nature of the act, the extent of their property, and the identity of the beneficiaries.
Intestate succession distributes property according to state statutes to surviving spouses, children, and relatives.
A pretermitted heir may claim a share of the estate if they were born after the will was executed but ignored in distribution.
Community property laws dictate that spouses own jointly acquired property.
A valid trust requires a clear intent to create a trust, a definite subject matter, and identifiable beneficiaries.
Trusts can be revocable or irrevocable depending on the grantor’s intent.
Trustees owe fiduciary duties to the beneficiaries, including loyalty and prudence.
Individuals with standing include those who would inherit under intestacy laws if the will were invalid.
No-contest clauses will penalize beneficiaries challenging the will.
Fraud in the inducement can invalidate a will if the testator was misled about the terms.
Charitable trusts are created for a public purpose and can have indefinite beneficiaries.
The cy pres doctrine allows modification of a charitable trust when the original purpose is no longer feasible.
The trustee must adhere to standard of care and investment restrictions for charitable trust assets.
Disinheritance is permitted, but state laws may require specific language to disinherit a child.
Statutory protections often exist for spouses to prevent complete disinheritance.
Clear and unequivocal language is necessary in wills to disinherit a beneficiary.
Surviving spouses may elect to take a statutory share of the estate instead of what the will provides.
Exempt property and family allowances protect certain assets for the surviving spouse.
Prenuptial agreements can waive rights to an elective share.
Gifts during the decedent's lifetime may affect the value of the estate at death.
Lifetime gifts up to the annual exclusion may not incur gift tax.
Conditional gifts must fully comply with the terms to be effective.
Structure your answers by clearly identifying the legal issues, applying relevant rules to the facts, and concluding with the likely outcome based on analysis. Ensure each element of the applicable rules is addressed in response to the question.
Allocate roughly 50 minutes for each essay question in a 3-hour exam, ensuring ample time for reviewing and revising your answers. Prioritize the most heavily weighted questions first.