Joint tenants

Question 1

Four requirements to create JT

Answer 1

Time - must be created at same time
Title - created by same instrument
Interest - must have equal interests
Possession - co-equal rights of possession

Question 2

JT w/ right of survivorship

Answer 2

• Passes automatically to other JTs upon death
• Created by deed specifying JT and 4 unities

Question 3

Tenancy in the entirety

Answer 3

Same as survivorship but limited to married couples

Cannot be defeated by unilateral action of 1

Question 4

Payable at deal/Trotten Trust

Answer 4

Put another persons name on bank account for sole purpose of making a gift without wanting to make a present transfer of 1/2

POD are for bank accounts, life insurance etc
TOD are for property retained by another entity or property requires institutional action to transfer

Question 5

Agency account

Answer 5

Put anothers name on the account to assist with paying bills with no intention to allow them to retain it at your death

Question 6

Joint tenancy account

Answer 6

Anothers name on account to give that person both control during life and to take at death

Question 7

Benefits of JT

Answer 7

• Avoids probate
• Could defeat elective share and homestead
• Could avoid creditors