Article that Analyzes Economic Aspects of the Uniform Probate Code

Daniel B. Kelly (Associate Professor of Law, University of Notre Dame Law School) recently published an article entitled, Toward Economic Analysis of the Uniform Probate Code, Mich. L.J. (Forthcoming). The abstract from SSRN is provided below:

In this article, I suggest that insights from economics and the economic analysis of law may be useful in analyzing succession law, including intestacy and wills (as well as nonprobate transfers such as trusts). After surveying prior works that have examined succession from a functional perspective, I explore the possibility of utilizing tools like (i) transaction costs, (ii) the ex ante/ex post distinction, and (iii) rules versus standards, to illuminate the design of the Uniform Probate Code.Specifically, I investigate how these tools, which legal scholars have employed widely in other contexts, may be relevant for evaluating events like the nonprobate revolution and issues like “dead hand” control; for analyzing UPC provisions pertaining to the harmless error rule, reformation, and ademption by extinction; and for considering law reforms such as proposals to abolish attestation or prevent the disinheritance of children.