Non-Probate Assets

Question 1

In a wills question, what are the first type of assets you need to assess and potentially deal with?

Answer 1

Non probate assets, which are dealt with using the rules of survivorship and contracts etc.

Question 2

Are non probate assets dealt with under intestacy rules?

Answer 2

No, deal with them outside the will or intestacy

Question 3

What counts as a non-probate asset?

Answer 3

Inter vivos trusts
Lifetime gifts
Further interests (remainders or executory interests)
Survivorship rights
“Pay on Death” property 
Life insurance/ benefits under contract

Question 4

When might intestacy rules apply?

Answer 4

If testator dies without a will

If their will is invalid

If they fail to dispose of all of their property