Non-Probate Property

Question 1

Gratuitous transfers not governed by will or intestacy

Answer 1

a. Do not pass through probate thus not governed by wills or intestacy. For ex inter vivos gifts (already given away). Must be removed from decedent’s estate before distribution under a will or via intestacy

Question 2

Gifts and Living trusts

Answer 2

2. inter vivos outright gifts—if already given away, obviously wont pass through will
3. Inter vivos (living) trusts—property has already transferred into a trust

Question 3

Future interests

Answer 3

Decedent has present interest, and gave away future interest– for ex, property passes to remainder beneficiary.

Question 4

Co ownership

Answer 4

—prop owned by multiple people. types of co ownership

a. Tenancy in common- no survivorship rights. Decedent share passes via will or intestacy. probate not avoided bc no ownership rights
b. Joint tenancy—Dec. share passes to surviving joint tenant and not intestacy. sometimes must expressly state joint tenancy.
i. Walter and Frank owned Blackacre as joint tenants with rights o survivorship. Frank’s valid will leaves his entire estate to Toby. When Frank dies,_Walter_____________ will receive Frank’s share of Blackacre’

Question 5

Payable on death property

Answer 5

upon death the property becomes payable to the designated person. all that matters are the terms of the k, not the will.

Question 6

Contracts

Answer 6

may provide for benefits payable upon death. like life insurance/ annuities/ pension plans. doesn’t pass by intestacy/ will.