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Question 1

Probate Property

Answer 1

Property that passes through probate under the decedent’s will or by intestacy.�

Question 2

Nonprobate Property

Answer 2

Property that passes outside of probate through a nonprobate mode of transfer (most property)-Joint tenancy (real and personal)–Bank accounts, mutual fund accounts, homes-Life insurance-Contracts with payable-on-death (POD) provisions (Retirement accounts)-Property put in an inter vivos trust while the decedent was alive�

Question 3

Functions of Probate

Answer 3

The three core functions of probate:1) Provide evidence of transfer of title to the new owners;2) Protect creditors by providing a procedure for payment of debts; and3) Distribute the decedent’s property to those intended after the decedent’s creditors are paid.�

Question 4

Formal Probate

Answer 4

The court supervises the actions of the personal representative in administering the estate through a potentially costly and time consuming process.

Question 5

Informal Probate

Answer 5

The personal representative may administer the estate without court supervision unless an interested party asks for court review-Interested parties include heirs, devisees, children, spouses, creditors, beneficiaries�

Question 6

Which purposes of a testator are prohibited or restricted? (Problem of the Dead Hand)

Answer 6

-Leaving spouses without a share of the estate-Leaving creditors unpaid-Restraints on marriage or provisions promoting separation or divorce-Restraints on the alienation of property received from the estate-Racially-based or other invidious restrictions-Provisions encouraging illegal activity-Maintenance of control far into the future (RAP)