General Terms Flashcards
Probate Property
Will or intestacy
Nonprobate Property
an instrument other than a will ("will substitute"), passes according to the terms of the deed, trust agreement, etc. NOT the terms of the will
* Joint tenancy property (JTWRS/T by E)
* Life Insurance
* Property held under POD/TOD Contract
* Property held in INterVivos Trust
NO court proceedingJoint Tenancy
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Life Insurance
Insurance will pay the beneficiary upon receipt of a death certificate
Pay on Death Contract
POD - present custodian w/death certificate
* IRA, bank accounts
Transfer on Death Contract
TOD - present custodian w/death certificate
Inter Vivos Trust
“created during life”
The property will pass according to the terms of the trust.
Testamentary Trust
create a trust under your will
Personal Representative
they are fiduciary, appointed for administration of probate estate
Die “testate” and PR named, PR = executor
Die “intestate” OR PR not named in will = administrator
* from the statutory list (spouse, children, etc.)
Fiduciary Duties
Collect and inventory D’s assets
Manage assets uring admin. of estate
Pay taxes and other debt
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“Die testate”
means dies with a will
“Die intestate”
die without a will
Bond
PR is required to “post bond” - PR has to purchase an insurance policy that protects estate????
* paid out of the estate
UPC
Uniform Probate Code
Partial intestacy
a will disposes of only part of the probate estate
