Verfügbarkeit: Trusts and estates

Trusts and estates:

Gespeichert in:

Bibliographische Detailangaben
Hauptverfasser:	Leslie, Melanie B. (VerfasserIn), Sterk, Stewart E. (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	New York, NY Foundation Press [u.a.] 2006
Schriftenreihe:	Concepts and insights series
Schlagworte:	Inheritance and succession > United States Trusts and trustees > United States Wills > United States USA
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	XI, 269 S.
ISBN:	1599410222 9781599410227

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adam_text	TABLE OF CONTENTS CHAPTER ONE. Introduction- ...................________ 1 I. The Uneasy Case for Inheritance ______............_____ 1 II. Probate and Non-Probate Transfers __________.....___ 3 CHAPTER TWO. Intestate Succession ......._________ 7 I. Introduction ---------------------------------------------........... 7 II. Terminology -------------------------------------------------....... 8 III. The Share of The Surviving Spouse _________________ 9 A. In General ---------------------------------------------------- 9 1. Common Law States ________________________ 9 2. Community Property States __________________ 9 B. The Uniform Probate Code _____________________ 10 IV. Distribution Among Decedent s Descendants _________ 11 V. Distribution Among Ancestors and Collateral Relatives - 14 A. In General ____________________________.......... 14 B. Laughing Heir Statutes and Escheat -------------.--...... 17 С The Uniform Probate Code _____________________ 18 VI. Defining the Modern Family: Halfbloods, Adoptees, and Non-Marital Children __________________________ 19 A. Halfbloods ___________________________________ 19 B. Adoption ____________________________________ 20 C. Inheritance from Stepparents and Other Caretakers 21 D. Non-Marital Children and Proof of Paternity ______ 22 VII. Simultaneous Death ........................................______ 24 VIII. Disclaimer ............................................................... 25 IX. Disqualification from Inheritance: The Problem of the Murdering Heir __________________________.......... 27 X. Advancements ---------------------------------------------........ 28 Problems _______________________________________ 29 CHAPTER THREE. Protection of the Family 31 I. Introduction and Rationale _____________________........ 31 II. Elective Share Statutes: Typical Problems and Solutions ------------------------------------------------------- 32 III. The Uniform Probate Code s Elective Share Provisions 34 A. Overview ------------------------------------------------------ 34 B. The Statutory Scheme _________________________ 35 111 TABLE OF CONTENTS C. Composition of the Augmented Estate ------......-..... 36 1. The Net Probate Estate ...................._________ 36 2. Decedent s Non-Probate Transfers to Others ----- 37 3. Non-Probate Transfers to the Surviving Spouse - 40 4. Surviving Spouse s Property (and Transfers to Others) _____......-----......------------------------- 40 D. Determining Whether the Surviving Spouse Has a Right to Elect ......____.....______.........________ 41 E. Life Interests in Trust ------------------------------------- 43 IV. Waiver of Elective Share Rights -----.....-------------------- 44 V. Other Protections for the Surviving Spouse ---------------- 45 A. Protection Against Creditors -.....---------........------- 45 B. Inadvertent Disinheritance: Pre-Marital Wills -.....--- 46 VI. Protection of Children _______......_____.......________ 47 Problems —........-------......-------.....-------.........-------- 49 CHAPTER FOUR. Wills ____....... ..... 51 I. Will Execution ___......—-........____.....----------.....— 51 A. The Purpose of Formalities ------.....-----------......— 51 B. The Execution Ceremony ---------.....-------------------- 53 1. Procedure --......----------------......----------......--- 53 II. What Constitutes A Will? Integration, Incorporation by Reference, and Facts of Independent Significance ____ 57 A. Integration, Incorporation by Reference, UPC § 2-513____.......____.......____..........___ 57 B. Facts of Independent Significance and the Uniform Testamentary Additions to Trusts Act ..............— 60 С The Problem of the Pour Over Will ___.............-— 61 III. Construction Problems Created by the Time Gap Between Will Execution and Death ----------...........---- 63 A. Introduction: Classifying Devises -------............____ 63 B. Abatement ----------........------.......-------.........------ 64 С Ademption ......-----.........-----.......-------........_____ 66 D. Lapse- ..........-------.....-------.......----------....._____ 68 1. The Common Law Rules --.....------------------------ 68 2. State Statutory Approaches ---------------.......----- 70 3. Consequences of Lapse--- ......---------.........._____ 71 4. Void v. Lapsed Devises--- .......------------------------ 71 5. Construction Question: When Does the Will Override the Anti-Lapse Statute? ----------------- 72 6. UPC§ 2-603......________....._______.......____ 72 IV. Construction Problems More Generally ---------.......------ 74 A. Incomplete Wills and The Problem of Negative Disinheritance --------------------------........________ 74 iv TABLE OF CONTENTS В. Ambiguity -------------........-----------------------.......... 74 1. The Difference Between Latent and Patent Ambiguity -------------------.....---------.....--------- 74 2. Is the Will Ambiguous? ----------------------------..... 76 3. Using Extrinsic Evidence -----------.....------------- 77 4. What Types of Extrinsic Evidence are Admissible? ______......________......._______ 78 С Mistake __________.......______________________ 79 1. Mistake of fact .......________________________ 80 2. Scrivener s Error ----------------.....------------------- 80 V. Revocation and Revival ------------.......-----------......----- 81 A. Revocation ______________.....--------------------------- 81 1. Revocation by Subsequent Written Instrument — 81 2. Revocation by Physical Act ---------------------------- 82 3. Revocation by Operation of Law --------------------- 84 B. Revival _____________________________________ 8ő C. Dependent Relative Revocation -----......------------------ 85 D. Limits on the Power To Revoke: Joint Wills and Joint Contracts --------------------------------------------------- 86 Problems ------------.....------------------------------------- 89 CHAPTER FIVE. Contesting the Will ________________ 97 I. Capacity _______________________________________ 97 A. Challenging the Will: Proving Incapacity --------------- 98 B. Insane Delusion --------------------........:----------.....-. 99 II. Undue Influence --------------------.......----------.......___ 100 III. The No-Contest Clause _____..........________.....______ 102 IV. Fraud ______________............_________......________ 103 V. Tortious Interference with Inheritance .....______........ 104 Problems ______..............------------......._______........ 105 CHAPTER SIX. Trusts _____......... .......________ 107 I. What is a Trust? —-............_______.........._______..... 107 II. Types of Trusts ........._________........-----------......—- 108 A. Private Express Trusts v. Charitable Trusts ......----- 108 B. Trusts that are not Trusts : Constructive and Resulting Trusts _______________......__________ 109 III. Trust Requisites ......_____________....._____________ 110 A. The Trustee _________________________________ 110 B. Beneficiaries ---------........-------------------------------- 111 1. Identification of Beneficiaries ------------------------- 112 2. Trusts for Purposes -----------.....--------------------- 113 3. Secret Trusts ______________________________ 114 С Trust Property _______________________________ 115 IV, Trust Creation _______________________....._________ 115 A. Capacity ------------------------------------------------------- 115 B. Intent to Create a Trust ____________________......- 116 C. Trust Formalities _____....._____________________ 117 TABLE OF CONTENTS V. The Functions of the Trast —-......-......_____....._____- 118 A. Maximizing Flexibility.-- .....--......-.....-.......______ 118 1. The Trast v. The Legal Life Estate ____________ 118 2. Increasing Flexibility: Discretionary and Support Trasts ____....._____.....—.....______________ 120 B. Protecting Beneficiaries From Their Creditors -------- 123 1. Support and Discretionary Trusts _____________ 123 2. Spendthrift Trusts __________________________ 125 3. Asset Protection Trusts _____________________ 126 C. Using Trusts to Plan for the Costs of Institutional Care ______________________________________ 127 D. Using Trusts (and other mechanisms) to Avoid Probate ___________________________________ 129 1. The Revocable Living Trust __________________ 129 2. The Standby Trust _______________________ 130 3. Avoiding Probate Using Trust-Like Mechanisms ______.....---------------------------- 132 4. Joint Tenancy with Right of Survivor --------------- 133 E. Providing for Minor Children ___________________ 134 VI. Trust Modification and Termination ------------------------- 134 A. Modifying/Amending Revocable Trusts ----------------- 135 B. Modifying/Revoking Irrevocable Trusts ---------.....-... 135 1. Consent of the Beneficiaries --------------------------- 136 2. Correcting Mistakes ________________________ 137 3. Unforeseen Circumstances ----------------------.....- 137 VII. Charitable Trusts— .....____________________.......—- 138 A. What is a Charitable Trust? —......_____.....______ 138 B. Су Pres ......________....._______________________ 139 Problems ---....._________....._____.....__________ 139 CHAPTER SEVEN. Powers of Appointment __________ 144 I. Terminology __________________......--------.....-.....—. 145 A. The Parties to a Power of Appointment ---------------- 145 B. The Scope of the Power ___....._________....._____ 145 II. Creation and Exercise ------------------------------------------- 146 III. Consequences of the Donee s Failure to Appoint ---------- 148 IV. Consequences of Ineffective Appointments: The Capture Doctrine and Allocation of Assets -------------------------- 149 V. Contracts to Appoint _____________________________ 151 VI. Releases ________________________________________ 153 VII. Rights of Donee s Creditors in the Appointive Property -- 154 Problems _______________________________________ 156 CHAPTER EIGHT. Future Interests _________________ 158 I. Classification ------------------------------------------------------ 158 A. What Is a Future Interest? _____________________ 158 B. Categories of Future Interests --------------------------- 159 1. Future Interests in the Grantor ______________ 159 vi TABLE OF CONTENTS 2. Future Interests in Persons Other than the Grantor: Remainders ------......-------------------- 160 3. Future Interests in Persons Other than the Grantor: Executory Interests ---...........---------- 163 II. Construction of Future Interests ___________............-- 164 A. The (Increasingly Modest) Preference for Early Vesting --------------------------.....----------------------- 164 B. Gifts to Individuals --------------.........------------------ 165 1. No Implied Condition of Survivorship -------------- 166 2. Express Conditions of Survivorship.^- ........_____ 167 3. Uniform Probate Code Section 2-707__________ 169 С Class Gifts _____________.....______________.....— 169 1. Introduction ---------------------------------------------- 169 2. Increases in the Class: The Class Closing Rule of Convenience ------------------------------------------- 170 3. Single-Generation and Multiple-Generation Class Gifts: Survivorship Issues---- ......._______ 172 4. UPC Section 2-707-......._____________________ 175 5. Gifts to Heirs --------------------------------------------- 176 6. Class Gifts of Income _______________________ 177 Problems _________________________________ 178 CHAPTER NINE. The Rule Against Perpetuities _____ 180 I. Introduction --------------...........------------------........----- 180 II. The Rule s Operation ------------.............____________ 181 A. What Interests are Subject to the Rule? -.............—. 181 B. Applying the Rule ---------------...........____________ 182 1. Vesting of Interests ______________........___ 182 2. Measuring Lives __________..............------------- 184 3. Twenty-One Years -........_____________..........- 188 III. Recurring Problems .....--------------.........------------------ 188 A. When Does the Perpetuities Period Start to Run?: Revocable and Irrevocable Inter Vivos Trusts ------ 188 B. Remote Possibilities ---------------------------------------- 189 1. The Fertile Octogenarian ----------------------------- 189 2. The Unborn Widow ......------------------------------- 190 3. The Slothful Executor _______________________ 190 С Application to Charitable Gifts and. Trusts ------------ 191 D. Consequences of Invalidity -------------------------------- 192 IV. Class Gifts ______________________________________ 193 A. The All-or-Nothing Rule ______.....______________ 193 B. The Effect of the Class Closing Rule of Convenience 194 vii TABLE OF CONTENTS V. The Rule Against Perpetuities and Powers of Appoint¬ ment .............................-.......-............. --.........--- 196 A. Validity of the Power of Appointment -----........------ 196 B. Validity of the Power s Exercise .......------......-------- 198 1. The Scope of the Relation-Back Doctrine ---------- 198 2. The Second-Look Doctrine .....___.......________ 199 С Validity of Gifts in Default of Appointment ----------- 201 VI. Perpetuities Reform _______________.....___________ 201 A. Construction and Reformation ---------------------------- 201 B. Wait-and-See— ......—-.....____......._____________ 202 С USRAP ......________..................____....._______ 202 D. Abolition of the Rule .....____......____.......---------- 203 Problems —......—......-----......____......------......--- 203 CHAPTER TEN. Administration ......____.....____.....—. 205 I. The Probate Process ______________________________ 205 A. The Need for Administration --------.....----------------- 205 B. Jurisdiction --------------------------------------------------- 206 C. Appointment of the Personal Representative and Issuance of Letters --------------------------------------- 208 D. Marshaling and Managing Estate Assets .....---------- 209 E. Creditor Claims ______________________________ 210 1. Pre-Death Claims ____________.......-----.......- 210 2. Post-Death Claims ___.....__________________ 212 F. Distributing Assets and Closing the Estate ------------ 214 II. Fiduciary Duties ____.....___.....___........___________ 215 A. The Duty of Loyalty __________.......____.......____ 216 1. The No Further Inquiry Rule ......___......--------- 217 2. The Advance Approval Doctrine ------......---------- 217 3. Authorization by the Trust Settlor.- ......---------- 218 4. Typical Self-Dealing Transactions .......------------ 218 B. The Duty of Care: Portfolio Management -------------- 220 1. The Traditional Approach _____......--------------- 220 2. Modern Portfolio Theory ______.....___________ 222 3. Inception Assets --------.....--------.....-------.....— 224 С The Duty of Care: Other Management Responsibili¬ ties ---------------------------------------------------------- 225 1. In General -------------.....------------------------------- 225 2. Employment of Advisors ------.....---------.....------- 225 3. Delegation of Fiduciary Duties ----------.....--------- 226 D. Multiple Trustees _____________________________ 228 Vili TABLE OF CONTENTS E. Multiple Beneficiaries-— ......___________.............. 228 1. The General Duty of Impartiality ______........... 228 2. Impartiality Among Successive Beneficiaries: Principal and Income _______________........... 229 Problems ________...........______________......- 230 Solutions to Problems .........._________________ 233 Table of Cases ......-............-------------------------........---------- 257 Index ____....................-----------------------........---------------- 259
adam_txt	TABLE OF CONTENTS CHAPTER ONE. Introduction- ._ 1 I. The Uneasy Case for Inheritance _._ 1 II. Probate and Non-Probate Transfers _._ 3 CHAPTER TWO. Intestate Succession ._ 7 I. Introduction ---------------------------------------------. 7 II. Terminology -------------------------------------------------. 8 III. The Share of The Surviving Spouse _ 9 A. In General ---------------------------------------------------- 9 1. Common Law States _ 9 2. Community Property States _ 9 B. The Uniform Probate Code _ 10 IV. Distribution Among Decedent's Descendants _ 11 V. Distribution Among Ancestors and Collateral Relatives - 14 A. In General _. 14 B. Laughing Heir Statutes and Escheat -------------.--. 17 С The Uniform Probate Code _ 18 VI. Defining the Modern Family: Halfbloods, Adoptees, and Non-Marital Children _ 19 A. Halfbloods _ 19 B. Adoption _ 20 C. Inheritance from Stepparents and Other Caretakers 21 D. Non-Marital Children and Proof of Paternity _ 22 VII. Simultaneous Death ._ 24 VIII. Disclaimer . 25 IX. Disqualification from Inheritance: The Problem of the Murdering Heir _. 27 X. Advancements ---------------------------------------------. 28 Problems _ 29 CHAPTER THREE. Protection of the Family 31 I. Introduction and Rationale _. 31 II. Elective Share Statutes: Typical Problems and Solutions ------------------------------------------------------- 32 III. The Uniform Probate Code's Elective Share Provisions 34 A. Overview ------------------------------------------------------ 34 B. The Statutory Scheme _ 35 111 TABLE OF CONTENTS C. Composition of the Augmented Estate ------.-. 36 1. The Net Probate Estate ._ 36 2. Decedent's Non-Probate Transfers to Others ----- 37 3. Non-Probate Transfers to the Surviving Spouse - 40 4. Surviving Spouse's Property (and Transfers to Others) _.-----.------------------------- 40 D. Determining Whether the Surviving Spouse Has a Right to Elect ._._._ 41 E. Life Interests in Trust ------------------------------------- 43 IV. Waiver of Elective Share Rights -----.-------------------- 44 V. Other Protections for the Surviving Spouse ---------------- 45 A. Protection Against Creditors -.---------.------- 45 B. Inadvertent Disinheritance: Pre-Marital Wills -.--- 46 VI. Protection of Children _._._ 47 Problems —.-------.-------.-------.-------- 49 CHAPTER FOUR. Wills _. . 51 I. Will Execution _.—-._.----------.— 51 A. The Purpose of Formalities ------.-----------.— 51 B. The Execution Ceremony ---------.-------------------- 53 1. Procedure --.----------------.----------.--- 53 II. What Constitutes A Will? Integration, Incorporation by Reference, and Facts of Independent Significance _ 57 A. Integration, Incorporation by Reference, UPC § 2-513_._._._ 57 B. Facts of Independent Significance and the Uniform Testamentary Additions to Trusts Act .— 60 С The Problem of the Pour Over Will _.-— 61 III. Construction Problems Created by the Time Gap Between Will Execution and Death ----------.---- 63 A. Introduction: Classifying Devises -------._ 63 B. Abatement ----------.------.-------.------ 64 С Ademption .-----.-----.-------._ 66 D. Lapse- .-------.-------.----------._ 68 1. The Common Law Rules --.------------------------ 68 2. State Statutory Approaches ---------------.----- 70 3. Consequences of Lapse--- .---------._ 71 4. Void v. Lapsed Devises--- .------------------------ 71 5. Construction Question: When Does the Will Override the Anti-Lapse Statute? ----------------- 72 6. UPC§ 2-603._._._ 72 IV. Construction Problems More Generally ---------.------ 74 A. Incomplete Wills and The Problem of Negative Disinheritance --------------------------._ 74 iv TABLE OF CONTENTS В. Ambiguity -------------.-----------------------. 74 1. The Difference Between Latent and Patent Ambiguity -------------------.---------.--------- 74 2. Is the Will Ambiguous? ----------------------------. 76 3. Using Extrinsic Evidence -----------.------------- 77 4. What Types of Extrinsic Evidence are Admissible? _._._ 78 С Mistake _._ 79 1. Mistake of fact ._ 80 2. Scrivener's Error ----------------.------------------- 80 V. Revocation and Revival ------------.-----------.----- 81 A. Revocation _.--------------------------- 81 1. Revocation by Subsequent Written Instrument — 81 2. Revocation by Physical Act ---------------------------- 82 3. Revocation by Operation of Law --------------------- 84 B. Revival _ 8ő C. Dependent Relative Revocation -----.------------------ 85 D. Limits on the Power To Revoke: Joint Wills and Joint Contracts --------------------------------------------------- 86 Problems ------------.------------------------------------- 89 CHAPTER FIVE. Contesting the Will _ 97 I. Capacity _ 97 A. Challenging the Will: Proving Incapacity --------------- 98 B. Insane Delusion --------------------.:----------.-. 99 II. Undue Influence --------------------.----------._ 100 III. The No-Contest Clause _._._ 102 IV. Fraud _._._ 103 V. Tortious Interference with Inheritance ._. 104 Problems _.------------._. 105 CHAPTER SIX. Trusts _. ._ 107 I. What is a Trust? —-._._. 107 II. Types of Trusts ._.-----------.—- 108 A. Private Express Trusts v. Charitable Trusts .----- 108 B. "Trusts" that are not "Trusts": Constructive and Resulting Trusts _._ 109 III. Trust Requisites ._._ 110 A. The Trustee _ 110 B. Beneficiaries ---------.-------------------------------- 111 1. Identification of Beneficiaries ------------------------- 112 2. Trusts for Purposes -----------.--------------------- 113 3. Secret Trusts _ 114 С Trust Property _ 115 IV, Trust Creation _._ 115 A. Capacity ------------------------------------------------------- 115 B. Intent to Create a Trust _.- 116 C. Trust Formalities _._ 117 TABLE OF CONTENTS V. The Functions of the Trast —-.-._._- 118 A. Maximizing Flexibility.-- .--.-.-._ 118 1. The Trast v. The Legal Life Estate _ 118 2. Increasing Flexibility: Discretionary and Support Trasts _._.—._ 120 B. Protecting Beneficiaries From Their Creditors -------- 123 1. Support and Discretionary Trusts _ 123 2. Spendthrift Trusts _ 125 3. Asset Protection Trusts _ 126 C. Using Trusts to Plan for the Costs of Institutional Care _ 127 D. Using Trusts (and other mechanisms) to Avoid Probate _ 129 1. The Revocable Living Trust _ 129 2. The "Standby" Trust _ 130 3. Avoiding Probate Using ' ' Trust-Like ' ' Mechanisms _.---------------------------- 132 4. Joint Tenancy with Right of Survivor --------------- 133 E. Providing for Minor Children _ 134 VI. Trust Modification and Termination ------------------------- 134 A. Modifying/Amending Revocable Trusts ----------------- 135 B. Modifying/Revoking Irrevocable Trusts ---------.-. 135 1. Consent of the Beneficiaries --------------------------- 136 2. Correcting Mistakes _ 137 3. Unforeseen Circumstances ----------------------.- 137 VII. Charitable Trusts— ._.—- 138 A. What is a Charitable Trust? —._._ 138 B. Су Pres ._._ 139 Problems ---._._._ 139 CHAPTER SEVEN. Powers of Appointment _ 144 I. Terminology _.--------.-.—. 145 A. The Parties to a Power of Appointment ---------------- 145 B. The Scope of the Power _._._ 145 II. Creation and Exercise ------------------------------------------- 146 III. Consequences of the Donee's Failure to Appoint ---------- 148 IV. Consequences of Ineffective Appointments: The Capture Doctrine and Allocation of Assets -------------------------- 149 V. Contracts to Appoint _ 151 VI. Releases _ 153 VII. Rights of Donee's Creditors in the Appointive Property -- 154 Problems _ 156 CHAPTER EIGHT. Future Interests _ 158 I. Classification ------------------------------------------------------ 158 A. What Is a Future Interest? _ 158 B. Categories of Future Interests --------------------------- 159 1. Future Interests in the Grantor _ 159 vi TABLE OF CONTENTS 2. Future Interests in Persons Other than the Grantor: Remainders ------.-------------------- 160 3. Future Interests in Persons Other than the Grantor: Executory Interests ---.---------- 163 II. Construction of Future Interests _.-- 164 A. The (Increasingly Modest) Preference for Early Vesting --------------------------.----------------------- 164 B. Gifts to Individuals --------------.------------------ 165 1. No Implied Condition of Survivorship -------------- 166 2. Express Conditions of Survivorship.^- ._ 167 3. Uniform Probate Code Section 2-707_ 169 С Class Gifts _._.— 169 1. Introduction ---------------------------------------------- 169 2. Increases in the Class: The Class Closing Rule of Convenience ------------------------------------------- 170 3. Single-Generation and Multiple-Generation Class Gifts: Survivorship Issues---- ._ 172 4. UPC Section 2-707-._ 175 5. Gifts to Heirs --------------------------------------------- 176 6. Class Gifts of Income _ 177 Problems _ 178 CHAPTER NINE. The Rule Against Perpetuities _ 180 I. Introduction --------------.------------------.----- 180 II. The Rule's Operation ------------._ 181 A. What Interests are Subject to the Rule? -.—. 181 B. Applying the Rule ---------------._ 182 1. "Vesting" of Interests _._ 182 2. Measuring Lives _.------------- 184 3. Twenty-One Years -._.- 188 III. Recurring Problems .--------------.------------------ 188 A. When Does the Perpetuities Period Start to Run?: Revocable and Irrevocable Inter Vivos Trusts ------ 188 B. Remote Possibilities ---------------------------------------- 189 1. The Fertile Octogenarian ----------------------------- 189 2. The Unborn Widow .------------------------------- 190 3. The Slothful Executor _ 190 С Application to Charitable Gifts and. Trusts ------------ 191 D. Consequences of Invalidity -------------------------------- 192 IV. Class Gifts _ 193 A. The All-or-Nothing Rule _._ 193 B. The Effect of the Class Closing Rule of Convenience 194 vii TABLE OF CONTENTS V. The Rule Against Perpetuities and Powers of Appoint¬ ment .-.-. --.--- 196 A. Validity of the Power of Appointment -----.------ 196 B. Validity of the Power's Exercise .------.-------- 198 1. The Scope of the Relation-Back Doctrine ---------- 198 2. The Second-Look Doctrine ._._ 199 С Validity of Gifts in Default of Appointment ----------- 201 VI. Perpetuities Reform _._ 201 A. Construction and Reformation ---------------------------- 201 B. Wait-and-See— .—-._._ 202 С USRAP ._._._ 202 D. Abolition of the Rule ._._.---------- 203 Problems —.—.-----._.------.--- 203 CHAPTER TEN. Administration ._._.—. 205 I. The Probate Process _ 205 A. The Need for Administration --------.----------------- 205 B. Jurisdiction --------------------------------------------------- 206 C. Appointment of the Personal Representative and Issuance of Letters --------------------------------------- 208 D. Marshaling and Managing Estate Assets .---------- 209 E. Creditor Claims _ 210 1. Pre-Death Claims _.-----.- 210 2. Post-Death Claims _._ 212 F. Distributing Assets and Closing the Estate ------------ 214 II. Fiduciary Duties _._._._ 215 A. The Duty of Loyalty _._._ 216 1. The No Further Inquiry Rule ._.--------- 217 2. The Advance Approval Doctrine ------.---------- 217 3. Authorization by the Trust Settlor.- .---------- 218 4. Typical Self-Dealing Transactions .------------ 218 B. The Duty of Care: Portfolio Management -------------- 220 1. The Traditional Approach _.--------------- 220 2. Modern Portfolio Theory _._ 222 3. Inception Assets --------.--------.-------.— 224 С The Duty of Care: Other Management Responsibili¬ ties ---------------------------------------------------------- 225 1. In General -------------.------------------------------- 225 2. Employment of Advisors ------.---------.------- 225 3. Delegation of Fiduciary Duties ----------.--------- 226 D. Multiple Trustees _ 228 Vili TABLE OF CONTENTS E. Multiple Beneficiaries-— ._. 228 1. The General Duty of Impartiality _. 228 2. Impartiality Among Successive Beneficiaries: Principal and Income _. 229 Problems _._.- 230 Solutions to Problems ._ 233 Table of Cases .-.-------------------------.---------- 257 Index _.-----------------------.---------------- 259
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geographic	USA
geographic_facet	USA
id	DE-604.BV022447199
illustrated	Not Illustrated
index_date	2024-07-02T17:34:58Z
indexdate	2024-07-09T20:57:47Z
institution	BVB
isbn	1599410222 9781599410227
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-015655147
oclc_num	71779228
open_access_boolean
owner	DE-19 DE-BY-UBM DE-739
owner_facet	DE-19 DE-BY-UBM DE-739
physical	XI, 269 S.
publishDate	2006
publishDateSearch	2006
publishDateSort	2006
publisher	Foundation Press [u.a.]
record_format	marc
series2	Concepts and insights series
spelling	Leslie, Melanie B. Verfasser aut Trusts and estates by Melanie B. Leslie ; Stewart E. Sterk New York, NY Foundation Press [u.a.] 2006 XI, 269 S. txt rdacontent n rdamedia nc rdacarrier Concepts and insights series Inheritance and succession United States Trusts and trustees United States Wills United States USA Sterk, Stewart E. Verfasser aut Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015655147&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Leslie, Melanie B. Sterk, Stewart E. Trusts and estates Inheritance and succession United States Trusts and trustees United States Wills United States
title	Trusts and estates
title_auth	Trusts and estates
title_exact_search	Trusts and estates
title_exact_search_txtP	Trusts and estates
title_full	Trusts and estates by Melanie B. Leslie ; Stewart E. Sterk
title_fullStr	Trusts and estates by Melanie B. Leslie ; Stewart E. Sterk
title_full_unstemmed	Trusts and estates by Melanie B. Leslie ; Stewart E. Sterk
title_short	Trusts and estates
title_sort	trusts and estates
topic	Inheritance and succession United States Trusts and trustees United States Wills United States
topic_facet	Inheritance and succession United States Trusts and trustees United States Wills United States USA
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015655147&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT lesliemelanieb trustsandestates AT sterkstewarte trustsandestates

Verfügbarkeit

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Fernleihe Bestellen Achtung: Nicht im THWS-Bestand! Inhaltsverzeichnis

MARC

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