Wills, Trusts, and Estates (Casebook)

Rating:
Summary: great in-depth intro to wills & trusts
Review: If you want to learn the general law about Wills and Trusts, this is the book. There are other supplements you can buy that can introduce you to the subject, but no other book comes close to going to the depth that this book does. It is helpful to have taken a course in Property before reading this book, so that you will have experience in dealing with the Rule Against Perpetuities.

Ever since G.W. Bush passed the largest tax cut in history, many people think the rich should not be able to endow their children with a large inheritance as it destroys the democratic system we have where everyone has a equal chance at succeeding.
This book has given me another perspective about the issue of inheritance. Suppose for a moment we weren't allowed to transfer anything to our children. If that were to become law, do you really think people would work as hard as they do now, knowing that everything that they have reverts back to the State once they die? Do we want to take away that incentive to work hard?
I don't think so.

Another aspect of this book that I particular enjoy is the way that it is organized. If you ever wanted to know all the different types of trusts there are, this book covers it. It also does a good job of introducing you to tax planning during wealth transfers.

This book also does a good job of making you think. Do you know what happens when two people who are married die at the same time or when it is unclear which one died first? It seems insignificant, but suppose A and B, married, both die in a car crash. A initially willed that everything go to B and C. B willed everything to go to her children. If B died first, A's wealth should go to C. If A died first, B's children and C should get something. What if it's unclear who died first? This book deals with that issue and much more.

Another way that it makes you think is that it offers alternative solutions to the same problems. Did you ever consider other ways the law could be re-written to avoid probate? Every good lawyer knows the traditional ways of avoiding probate - joint tenancy property, life insurance, Iras, pension plans, and trusts. But why do not just re-write the law in probate? What not have universal succession like they do in France? This book covers all of that.

Did you ever want to know the difference between an administrator and executor? What happens if the executor drags his feet during the probate process? What can the beneficiaries do? This book has the answers.

In sum, this is a great book for learning about Wills & Trusts. I highly recommend it.

Rating:
Summary: great in-depth intro to wills & trusts
Review: If you want to learn the general law about Wills and Trusts, this is the book. There are other supplements you can buy that can introduce you to the subject, but no other book comes close to going to the depth that this book does. It is helpful to have taken a course in Property before reading this book, so that you will have experience in dealing with the Rule Against Perpetuities.

Ever since G.W. Bush passed the largest tax cut in history, many people think the rich should not be able to endow their children with a large inheritance as it destroys the democratic system we have where everyone has a equal chance at succeeding.
This book has given me another perspective about the issue of inheritance. Suppose for a moment we weren't allowed to transfer anything to our children. If that were to become law, do you really think people would work as hard as they do now, knowing that everything that they have reverts back to the State once they die? Do we want to take away that incentive to work hard?
I don't think so.

Another aspect of this book that I particular enjoy is the way that it is organized. If you ever wanted to know all the different types of trusts there are, this book covers it. It also does a good job of introducing you to tax planning during wealth transfers.

This book also does a good job of making you think. Do you know what happens when two people who are married die at the same time or when it is unclear which one died first? It seems insignificant, but suppose A and B, married, both die in a car crash. A initially willed that everything go to B and C. B willed everything to go to her children. If B died first, A's wealth should go to C. If A died first, B's children and C should get something. What if it's unclear who died first? This book deals with that issue and much more.

Another way that it makes you think is that it offers alternative solutions to the same problems. Did you ever consider other ways the law could be re-written to avoid probate? Every good lawyer knows the traditional ways of avoiding probate - joint tenancy property, life insurance, Iras, pension plans, and trusts. But why do not just re-write the law in probate? What not have universal succession like they do in France? This book covers all of that.

Did you ever want to know the difference between an administrator and executor? What happens if the executor drags his feet during the probate process? What can the beneficiaries do? This book has the answers.

In sum, this is a great book for learning about Wills & Trusts. I highly recommend it.