General Flashcards
What is the Law of Decedents’ Estates?
An inquiry into where a decedent’s property will go at death instead of being destroyed or buried with the decedent.
It focuses on the transfer of rights regarding property after death.
What happens when a decedent dies without a will?
The decedent is said to die intestate, and the property passes according to intestate succession laws.
Intestate succession involves state laws of descent and distribution.
What is the term for a decedent who leaves a validly executed will?
The decedent is called the testator.
A testator is someone who has made a valid will before their death.
What is the probate estate?
The real and personal property the decedent leaves at death.
It can be classified as either intestate or testate probate estate.
What are non-probate assets?
Assets that do not pass through probate, such as will substitutes.
Examples include joint tenancy, POD accounts, and life insurance policies.
How does the probate estate pass under intestate succession?
According to state laws of descent and distribution.
This applies when the decedent has no valid will.
How does the probate estate pass under testate succession?
Under the testator’s valid will.
This involves the distribution of property as specified in the will.
Who are the decedent’s heirs?
Takers under the intestate succession statute.
Heirs inherit property when there is no valid will.
Who are the decedent’s beneficiaries?
Takers under the decedent’s will.
Beneficiaries receive property as specified by the testator.
What are the broad groupings of the relevant law?
Scheme, status, and alteration.
These groupings help in understanding the principles governing decedent’s estates.
What characterizes a probate transfer?
Any transfer at death, whether through testate or intestate succession.
It is crucial to distinguish these from non-probate transfers.
Fill in the blank: A decedent can die totally or partially _______.
testate or intestate.
What are examples of will substitutes?
- Joint tenancy
- Tenancy by the entirety
- POD accounts
- TOD accounts
- Revocable trusts
- Life insurance policies
Will substitutes allow for death time transfers without the burdens of probate.
True or False: Non-probate assets represent post-death transfers.
False.
Non-probate assets represent pre-death transfers.
What are the benefits of will substitutes?
They provide death time transfers without the burdens of probate, such as time, cost, and publicity.
This allows for flexibility in managing assets.
