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Lecture Business law with UCC applications (13/e): Chapter 31 - Brown, Sukys
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Business Law with UCC
Applications,13e
Wills, Trusts, and
Advanced Directives
Chapter 31
McGrawHill/Irwin
Copyright © 2013 by The McGrawHill Companies, Inc. All rights reserved.
Learning Objectives
1. Give details about the sources of probate law
and its relevance to bus i ness entities.
2. Explain the formal requirements for executing a
will.
3. Determine whether a person who makes a will
has the capacity to do so.
4. Compare the protection of children with the
protection of spouses under the law of wills.
5. Identify the different methods of revoking or
changing a will.
312
Learning Objectives (cont.)
6. Explain the three grounds for contesting a will.
7. Describe who will inherit the property of
someone who dies without a will.
8. Describe the steps to be taken by an executor
or administrator in settling an estate.
9. Discuss the types and purposes of advance
directives.
10.Differentiate among the various types of trusts
and determine when they might be used.
313
Wills, Trusts, and
Advanced Directives
• Sources and Relevance of Probate Law
– Relevance of Probate to Business
– Probate Terminology
314
Wills, Trusts, and
Advanced Directives
• The Law of Wills
– Requirements for Executing a Will
– Protection of Spouses and Children
– Revoking, Changing, and Contesting a Will
– Dying without a Will
– Simultaneous Death
– Settling an Estate
315
Wills, Trusts, and
Advanced Directives
• Requirements for Executing a Will
– Soundness of Mind
– Formal Requirements
– Need for Accuracy
– Informal Wills
316
Wills, Trusts, and
Advanced Directives
• Protection of Spouses and Children
– Protection of Spouses
– Protection of Children
317
Wills, Trusts, and
Advanced Directives
• Revoking, Changing, and Contesting a
Will
– Revoking a Will
– Changing a Will
– Contesting a Will
318
Wills, Trusts, and
Advanced Directives
• Dying without a Will
– Rights of the Surviving Spouse
– Rights of Other Heirs
319
Wills, Trusts, and
Advanced Directives
• Advanced Directives
– Living Wills and Health Proxies
– The Right to Die and the Supreme Court
3110
Wills, Trusts, and
Advanced Directives
• The Right to Die and the Supreme Court
– The Government’s Compelling Interest in Life
– Living Wills and the Right to Die
– The Science Court Revisited
3111
Wills, Trusts, and
Advanced Directives
• The Law of Trusts
– Types of Trusts
– Obligations of the Trustee
3112
