Non Probate Property - Will Substitutes

Question 1

What are examples of Will Substitutes?

Answer 1

Life insurance, joint tenancies, tenancies by entirety, inter vivos trusts, bank account trusts, deeds, contracts, and inter vivos gifts, including gifts causa mortis.

Question 2

How should probate or the estate handle will substitutes?

Answer 2

The property assigned via a will substitute moves outside of probate or the will, thus it must be removed from the estate before the estate goes through probate or will execution.

Question 3

What is an inter vivos gift:

Answer 3

the decedent has already given the property away, thus it will not pass under the decedents will or by intestacy.

Question 4

What is an inter vivos living trusts?

Answer 4

Property that the decedent has already transferred into an inter vivos trusts will not pass through the decedents estate. Instead, it will pass under the terms of the trust.