| Revoking a Will, Methods |
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| As a general rule, a will can be changed or cancelled at any time before the testator's death. A will may be revoked (i.e., recalled or cancelled). This article discusses methods for revoking a will.More... |
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| Trust Elements - Trust Property - I |
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| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary.More... |
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| Estate-Tax Valuation -- Real Property |
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| The value of any real property as of a given date is subject to widely differing opinions. If there is no market for the property, it should be valued at (a) the highest price available, or (b) the amount it will bring as salvage, whichever is greater. More... |
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| Will Contests -- Undue Influence |
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| When someone influences a testator to make out his will and leave his property in a manner that he would not have done were it not for the influence, then the will is the result of "undue influence" and is invalid. Almost every would-be beneficiary who is left out of a will thinks he has a case of undue influence against another beneficiary who is suddenly named to receive most or all of the estate. This seems to happen very often, for instance, where children are omitted in favor of a new spouse. Unfortunately, undue influence is extremely difficult to prove, as it is usually done subtly, over a period of time, and there is no specific act or incident that clearly reveals it. Therefore, it must almost always be shown by circumstantial evidence. (Here's an example of circumstantial evidence: You checked your mailbox and found some mail. Then you noticed prints in the snow of exactly the type of boot your mailman wears in the winter. Although you didn't actually see the mailman deliver the mail, the circumstances strongly indicate that he delivered it.)More... |
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| Co-Ownership Myths - III |
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| One of the most confusing aspects of estate planning is the numerous myths about co-ownership of property. Many people do not understand the differences between a tenancy in common and a joint tenancy with right of survivorship. Many people do not understand what a tenancy by the entirety is or was. Many people do not understand the differences between the common law forms of co-ownership and community property.More... |
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