Chapter 5: Other Types of Wills; Codicils: Will Substitutes

Question 1

Self-proved will

Answer 1

Facilitates probate, no need for further evidence of witnesses at formal probate. Requires notarized signatures of T and witnesses acknowledging will

Question 2

Noncupative (oral) wills

Answer 2

(1) Made orally by someone in last sickness or imminent peril of death, (2) who in fact does not survive that imminent sickness or peril and (3) declared to be that person’s will before 2 competent witnesses who are simultaneously present and asked to witness the will.

Can only devise personal property.

Must be probated w/in 6 months of making the will unless it was reduced to writing w/in 10 days of when it was made.

Question 3

Codicil

Answer 3

A codicil is a supplement to a will that alters, amends, or modifies it.

In NC an attested will may have a holographic codicil or an attested codicil.

Question 4

Foreign wills

Answer 4

A foreign will is valid in NC if: (1) it was validly executed where T executed it; (2) it was validly executed in the place where T was domiciled when it was executed or (3) the will is a military will and executed in compliance with the military code.

Question 5

Will substitutes (probate avoidance devices) and types.

Answer 5

A way to transfer property at death or before death, with or without a will.

Types of substitutes:
Revocable trusts
Pour-over wills
Bank accounts and securities w/ a beneficiary form

Question 6

Revocable trusts

Answer 6

Trusts that the creator/settlor puts property, retains the ability to revoke, and includes instructions on what should happen with the property if the settlor does not revoke before death.

Question 7

Pour-over wills

Answer 7

The will pours property from the will into a trust that is not part of the probate process or the public record. The trust is executed either before or simultaneously w/ the will.

Question 8

Bank accounts and securities w/ beneficiary form

Answer 8

Property does not need to pass through probate. The person listed as the beneficiary just needs to produce a death certificate of the account owner to the financial institution and the property will be transferred to the beneficiary.

Question 9

Payable-on-death clauses

Answer 9

At decedent’s death, property held under K passes to beneficiary upon filing of the death certificate.

Question 10

Life insurance

Answer 10

Paid to the named beneficiary w/out having to go through probate. Beneficiary cannot be altered by will!

Question 11

Deeds

Answer 11

For a deed to be valid there must be intent & delivery