Trusts and estates:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York, NY
Foundation Press [u.a.]
2006
|
| Series: | Concepts and insights series
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XI, 269 S. |
| ISBN: | 1599410222 9781599410227 |
Staff View
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV022447199 | ||
| 003 | DE-604 | ||
| 005 | 20110808 | ||
| 007 | t | ||
| 008 | 070531s2006 |||| 00||| eng d | ||
| 020 | |a 1599410222 |9 1-59941-022-2 | ||
| 020 | |a 9781599410227 |9 978-1-59941-022-7 | ||
| 035 | |a (OCoLC)71779228 | ||
| 035 | |a (DE-599)BVBBV022447199 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-19 |a DE-739 | ||
| 050 | 0 | |a KF753 | |
| 084 | |a PU 5360 |0 (DE-625)140634: |2 rvk | ||
| 100 | 1 | |a Leslie, Melanie B. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Trusts and estates |c by Melanie B. Leslie ; Stewart E. Sterk |
| 264 | 1 | |a New York, NY |b Foundation Press [u.a.] |c 2006 | |
| 300 | |a XI, 269 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Concepts and insights series | |
| 650 | 4 | |a Inheritance and succession |z United States | |
| 650 | 4 | |a Trusts and trustees |z United States | |
| 650 | 4 | |a Wills |z United States | |
| 651 | 4 | |a USA | |
| 700 | 1 | |a Sterk, Stewart E. |e Verfasser |4 aut | |
| 856 | 4 | 2 | |m Digitalisierung UB Passau |q application/pdf |u 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 |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-015655147 | ||
Record in the Search Index
| _version_ | 1804136525438386176 |
|---|---|
| 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 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Leslie, Melanie B. Sterk, Stewart E. |
| author_facet | Leslie, Melanie B. Sterk, Stewart E. |
| author_role | aut aut |
| author_sort | Leslie, Melanie B. |
| author_variant | m b l mb mbl s e s se ses |
| building | Verbundindex |
| bvnumber | BV022447199 |
| callnumber-first | K - Law |
| callnumber-label | KF753 |
| callnumber-raw | KF753 |
| callnumber-search | KF753 |
| callnumber-sort | KF 3753 |
| callnumber-subject | KF - United States |
| classification_rvk | PU 5360 |
| ctrlnum | (OCoLC)71779228 (DE-599)BVBBV022447199 |
| discipline | Rechtswissenschaft |
| discipline_str_mv | Rechtswissenschaft |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01351nam a2200373 c 4500</leader><controlfield tag="001">BV022447199</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20110808 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">070531s2006 |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">1599410222</subfield><subfield code="9">1-59941-022-2</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9781599410227</subfield><subfield code="9">978-1-59941-022-7</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)71779228</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV022447199</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-19</subfield><subfield code="a">DE-739</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">KF753</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">PU 5360</subfield><subfield code="0">(DE-625)140634:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Leslie, Melanie B.</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Trusts and estates</subfield><subfield code="c">by Melanie B. Leslie ; Stewart E. Sterk</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">New York, NY</subfield><subfield code="b">Foundation Press [u.a.]</subfield><subfield code="c">2006</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XI, 269 S.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">Concepts and insights series</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Inheritance and succession</subfield><subfield code="z">United States</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Trusts and trustees</subfield><subfield code="z">United States</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Wills</subfield><subfield code="z">United States</subfield></datafield><datafield tag="651" ind1=" " ind2="4"><subfield code="a">USA</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Sterk, Stewart E.</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">Digitalisierung UB Passau</subfield><subfield code="q">application/pdf</subfield><subfield code="u">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</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-015655147</subfield></datafield></record></collection> |
| 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 |