TAILIEUCHUNG - Lecture Business law: The ethical, global, and e-commerce environment (13/e): Chapter 26 - Mallor, Barnes, Bowers, Langvardt

Chapter 26 provides knowledge of estates and trusts. After reading the material in this chapter, you should be able to: List and explain requirements for a valid will, changes, and revocation; identify tools for future disability; explain intestacy (no will); describe estate administration; detail formation & administration of trusts, including revocation. | Property Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law 5 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Estates and Trusts P A E T R H C 26 “When you have told anyone that you have left him a legacy, the only decent thing is to die at once.” Samuel Butler Learning Objectives Nature and terminology of wills Planning for disability through advance directives Intestacy (no will) Estate administration Nature and terminology of trusts 26 - A person’s estate is all property owned by that person and estate planning refers to the process of planning for the transfer of a person’s estate in later life and at death A will is a document executed with specific legal formalities by a testator (person making will) that bears instructions about the way the person’s property will transfer at death Overview 26 - Uniform Probate Code, a comprehensive model law for estates, has been enacted in

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