Wills Trusts and Estates Introduction Visiting from Texas

Wills, Trusts, and Estates -----Introduction

Visiting from Texas Tech University

Lubbock, Texas

Lubbock, Texas

Lubbock, Texas

OSU Alum

Basic Premise �Life is 100% fatal.

History of At-Death Property Disposition � 1. Physical Strength and/or Finding

History of At-Death Property Disposition � 2. Bury with Decedent

History of At-Death Property Disposition � 3. Intestate Succession

History of At-Death Property Disposition � 4. Wills

History of At-Death Property Disposition � 5. Will Substitutes

Intestate Succession Terminology

Intestate Succession �Common Law Split: Crown = real property Church = personal property

Intestate Succession -- Terminology �Descent = succession to real property

Intestate Succession -- Terminology �Distribution = succession to personal property

Intestate Succession -- Terminology �Heir = person who receives property from an intestate decedent

Intestate Succession -- Terminology

Intestate Succession -- Terminology �Consanguinity = blood �Affinity = marriage

Testate Succession Terminology

Testate Succession -- Terminology �At common law – Will = real property Testament = personal property

Testate Succession -- Terminology �Devise = gift of real property

Testate Succession -- Terminology �Bequest = gift of personal property

Testate Succession -- Terminology �Legacy – gift of money X

Testate Succession -- Terminology �Beneficiary = any recipient of property (any type)

Testate Succession -- Terminology �Codicil = amendment to an existing will