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Lecture Notes for LEB 320F - FOUNDS OF LEGAL ENVIR OF BUSN with Bredeson at Texas (UT)

Notes Information

Material Type:Note
Professor:Bredeson
Class:LEB 320F - FOUNDS OF LEGAL ENVIR OF BUSN
Subject:Legal Environment of Business
University:University of Texas - Austin
Term:Summer I 2010
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Legal Environment of Business ? Final Exam Notes Day 1. No reading assignment I. Intestacy Laws laws that take affect when there?s no will left behind, depends on state, either ?Per Stirpes? or ?Per Capita? a. Dies in a Per Stirpes state: i. How many family lines does he leave behind? If 4, each branch gets 1/4 th ii. Money is split up in that branch by the oldest generation where someone is still living. of estate b. Dies in a Per Capita state (like Texas): Intestacy laws take best guess of what a typical person would want, typical grandparent would split up money among grandkids the same. i. Per Capita collects money grandkids would get as per stirpes, and divides it up evenly, everyone on each level of family gets the same amount as others on their level of the family II. Community Property (texas) a. Everything you accumulate during marriage is community property b. Some things are separate property i. Stuff owned before you got married ...
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