Trusts and Estates
Wills
A will requires testamentary capacity, intent, formalities (writing, signature, witnesses), and no undue influence or fraud. Holographic wills are valid in some states without witnesses. Codicils modify wills. Revocation occurs by physical act, subsequent instrument, or operation of law.
Intestacy
Intestate succession distributes property to heirs according to statute. Surviving spouse and children typically take priority. Advancements and ademptions may affect distribution.
Trusts
A trust requires a settlor, trustee, beneficiary, and trust property. Express trusts may be revocable or irrevocable. Spendthrift trusts protect beneficiaries from creditors. Resulting and constructive trusts are remedies for unjust enrichment or wrongdoing. The trustee owes duties of loyalty, care, and impartiality.
Estate Administration
Probate validates wills and administers estates. Non-probate assets include life insurance, joint tenancy property, and retirement accounts. Estate taxes and gift taxes apply above exemptions.
Traps
Questions test will formalities (strict compliance), whether a trust is charitable (charitable purpose), whether a trustee breached a duty (self-dealing), and whether a will was revoked by a subsequent instrument.
Rule of thumb
For wills, check capacity, intent, formalities, and defenses in that order. For trusts, identify the four elements first.