Non Probate Property Flashcards
Non Probate Property
- Inter Vivos Outright Gifts
- Inter Vivos Trusts
- Future Interests
- Joint Tenancy with Survivorship
- Community Property with Right of Survivorship
- Saving Account Trusts
- Joint or Survivor Accounts
- Payable on Death Designations
- Deed deposited in escrow
- Government Bonds
- Contracts
- Life insurance
- Gift in View of Impending Death
Inter Vivos Trusts
Property already transferred will pass under terms of trust
Revocable trusts are valid
Future Interests
Remainder or Executory interst pass to the named beneficiary
Co-ownership of property
Tenancy in Common - no survivor rights goes through probate
Joint tenancy and Community property with right of survivorship - goes to person with right.
Bank Arrangements
Savings account Trusts (totten Trusts) valid - depositor’s creditors can reach funds during depositor’s life
Joint or survior accoutns - survivor has right to all money but extrinsic evidence allowed to show account for convenience and decedent did not intend for survivor to take all of the money.
Payable on Death Designations valid
Deeds
Deed deposited in escrow with delivery conditioned on grantor’s death may be a valid nontestamentary transfer.
Government Bonds
Payable on death designation on US bond is valid.
Life Insurance
terms of policy control over will. Policy proceeds are not a probate asset.
Gift in view of mpending death
Gift of personal property made in contemplation/fear/peril of impending death with intent it will be revoked if giver recovers (presumed in sickness or speedy death) does not go through probate.
Same delivery and acceptance requirements as inter vivos gifts: (1) physical delivery, (2) constructive delivery (keys), (3) symbolic delivery).
If recovery or donee dies before donor then revoked by operation of law.
Can be revoked by any affirmative act manifesting such intention
** subject to claims of creditors **
