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Emanuel Law Outlines: Wills, Trusts, and Estates, General Edition Paperback – October 13, 2004
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- Item Weight : 2.25 pounds
- Paperback : 348 pages
- ISBN-10 : 0735545456
- ISBN-13 : 978-0735545458
- Publisher : Aspen Law & Business; Edition Unstated (October 13, 2004)
- Language: : English
Best Sellers Rank:
#3,482,696 in Books (See Top 100 in Books)
- #1,771 in Law Practice Reference (Books)
- Customer Reviews:
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If you are not a law student but are looking for a book to explain much of what you need to know to be an executor or personal representative for a decedent's estate, then I highly recommend you get a copy of this book. There are 8 chapters that I think you will want to read in the following order:
I. Settling an estate (1, 7, 13)
II. Distribution rules (2, 5, 6, 3)
III. Taxes (14)
1. Introduction to wills trusts and estates
7. Nonprobate transfers: Will substitutes
13. Trust administration and the trustee's duties
2. Intestacy: The default distribution scheme
5. Wills execution, revocation, and scope
6. Construing wills
3. Limitations on testamentary power to transfer
14. Estate and gift taxes
Chapter 1 includes an overview of the probate process. Chapter 7 covers Will substitutes like:
>>Inter vivos gifts of real property and personal property
>>Overview of nonprobate transfers
>>Contracts with Payable-on-Death (POD) clauses
>>Multiple party bank accounts
>>Inter vivos trusts
>>Pour-over wills and inter vivos trusts
Chapter 13 covers powers and duties of a fiduciary. A fiduciary can be a personal representative (executor) or a trustee. Duties include:
>>Duty of loyalty
>>Duty of care of property
>>Duty not to delegate
>>Duty to be impartial
>>Duty to disclose
>>Duty to account
And Chapter 3 covers spousal elective share and similar rules that limit the testamentary power of decedent.
Part III was a little sketchy on taxes. Federal and state wealth transfer taxes were covered. But a personal representative also has to take care of various property taxes and income taxes of the decedent, estate, and possibly a trust.
All in all, I think this book would act as a wonderful resource for a personal representative or executor who wants to better understand the rules and law behind his or her duties while settling an estate. Don't expect the book to be a roadmap to success. It won't be since it wasn't written with that purpose in mind. Consider getting "The Executor's Guide" (ISBN: 9780275982034) as a companion to this book. 5 stars!
As in all Emanuel outlines, there are self tests at the end of each unit, and exam tips throughout. A good resource for reviewing black letter law prior to exams.