1. Distributing Decedent's Estate - Probate v. Non-Probate

Question 1

Four Types of Non-probate

Answer 1

1) Joint Tenancy (or CP) with Right of Survivorship
2) Life Insurance
3) Payable-on-Death Contracts
4) Inter Vivos Trusts

Question 2

California Probate Exceptions

Answer 2

a) Any assets going to spouse

b) Probate assets totaling less than $150,000 (after paying debts and transfer to spouse)

Question 3

Goals of Probate

Answer 3

1) Provide evidence of transfer of title to new owners
2) Shorter Statute of Limitations for creditors
3) Distribute the decedent’s property to those intended after the decedent’s creditors are paid

Question 4

Why go through probate?

Answer 4

1) Shorter Statute of Limitations
2) Need to collect property
3) want to transfer title