G. Non-Probate Transfers

Question 1

What is required for Inter Vivos (Lifetime) Gift?*

Answer 1

1) Intent to make present transfer
2) Delivery (actual/constructive) of gift to Donee
3) Donee’s acceptance
4) By clear + convincing evidence

Question 2

When may dispositions take place in concurrent estates?*

Answer 2

Joint Tenancy
- If Tenant dies => Tenant’s estate is NOT probated (transferred to Co-Tenant) (Right of survivorship)

Tenancy in Common

• Created by Tenant’s severance of Joint Tenancy by creating formal deed (conveys own undivided interest)
• If Tenant dies => Tenant’s estate is probated (NOT transferred to Co-Tenant)

Tenancy by Entirety

• Created by 2 spouses
• Terminated by BOTH spouses’ consent
• If Spouse dies => Spouse’s estate is NOT probated (transferred to other Spouse) (Right of survivorship)
• If Spouses divorce => Tenancy in Common is created

UNLESS specified otherwise

Question 3

What is required for Totten Trusts?*

Answer 3

1) Described in will as ‘trust’
2) For ‘named’ beneficiary
3) In ‘named’ financial institution

Question 4

What is required for revocation/modification of Totten Trusts?

Answer 4

1) Creator may revoke/modify Totten Trust either;
- During Creator’s lifetime
- By will

2) Disposition of part/whole of Totten Trust

Question 5

What is required for joint bank accounts?*

Answer 5

1) Deposit of funds in bank account
2) In Depositor/Other’s name
3) In form to be paid/delivered to Depositor/Other/Survivor

=> Prima facie evidence of ‘intent’ to create joint tenancy with right of survivorship

Question 6

When may joint bank accounts be rebutted?

Answer 6

NO JT intended
- Direct proof

JT opened for convenience ONLY
- Substantial circumstantial proof

Question 7

What is required for life insurance assets to pass to Beneficiaries NOT by will/intestacy?

Answer 7

1) Named beneficiary
2) In writing
3) Signed

Question 8

What is required for life insurance assets to pass to Beneficiaries by will/intestacy?

Answer 8

Insured Party fails to properly designate beneficiary

NO named beneficiary survives Insured Party

Insured Party expressly designates personal representative as beneficiary

Question 9

May the rights of beneficiaries of pension/retirement/profit-sharing plans be impaired by will/gift/intestacy?

Answer 9

NO