the law of wills

wills

the legally recognized statements of how an individuals property is to be passed after one’s death. there are three basic types:

nuncupative—oral—only recognized under special circumstances

holographic—ones written by the testator int he testator’s handwriting an usually lacks witnesses and formal witnesses

formal will—follow all rules of will making

nuncupative wills

oral wills which are only recognized under special cirucmstances

holographic wills

wills written by the testator in the testator’s handwriting and usually lacks witnesses and formal language

formal wills

wills that follow all rules of will-making

bequest

gift of personal property or money that is left to someone in a will. Types of them are specific, general, and residuary.

specific bequest

designates a specific item to a specific person

general bequest

designates an amount of money to a specific person

residuary bequest

designates the remainder of the estate to a specific person

revocation of wills

includes a revocation clause, signing a codicil, signing a new will, and witnesses

revocation clause

signed by the testator in the presence of two disinterested witnesses

signing a codicil

modification to a portion of the will in the presence of two witnesses

signing of a new will

is required with a revocation clause, and the act is done in the presence of two witnesses

requirements for a formal last will and testament

testament capacity, at least 18 years old, written document declaring the testators intent to declare and publish this document as their last will and testament, the document be signed by the testator at the end thereof and in the presence of at least two disinterested witnesses both over the age of 18, each witness must attest to the testator’s capacity and signature in their presence

interstate succession

the process that describes the state crafted plan to distribute the estate of anyone who dies without a valid will

NY state succession

surviving spouse is entitled to the first $50,000, plus 50% of the residue (what remains after the $50,000 is subtracted). the other 50% of residue goes to surviving issues by representation