Nonprobate Property

Question 1

Common Will substitutes

Answer 1

Life insurance, Joint tenancies, tenancies by entirety, inter vivos trusts, bank account trust, deeds, contracts, and inter vivos gifts

Question 2

Inter Vivos “Living” Trusts

Answer 2

Property that the Decedent (D) has already transferred into an inter vivos trust will not pass through D’s estate. It passes under the terms of the trust.

Question 3

Totten Trusts

Answer 3

is a deposit of money in a bank account in “trust” for another person. Depositor retains control over the account while alive and the transfer is complete only upon their death.

Question 4

Joint or Survivor Accounts

Answer 4

Bank account deposit in the name of 2+ persons “with right of survivorship” is generally effective to give the survivor the right to all the money.

UPC: Creditors can reach the money to the extent that D deposited money into the account, if other estate assets are insufficient to pay debts.

Common Law: creditors could reach the account if it was opened for D’s convenience and no right of survivorship was intended.