Vocab Flashcards
1
Q
Probate property
A
the decedent’s property that can be disposed of after death only through the probate process.
- Will being approved by Court
- Executor appointing– granting of letters
- If there are trusts under W, may also appoint trustees of trust
- Guardians appointed if minor children
2
Q
Types of Probate Property
A
- Real Property
- Tangible personal property
- Bank accounts; cash
- Brokerage Account
3
Q
Non-probate property
A
Pass outside of Will or Intestacy
- Joint owner w/ right of survivorship and joint owner survives
- Real property
- Personal Property
- Bank account
- Brokerage account
- Not often tangible personal property
4
Q
Non-Probate via K
A
Named beneficiary and named B survives
- Retirement account
- Life insurance
- Bank account
- Brokerage account
5
Q
Will substitutes
A
- Payable on death
- Transfer on death
- Revocable trust
6
Q
Trust
A
A devise for separating the legal and the equitable ownership of property
- Grantor/ Settlor
- Trustee
- Succession Trustee
- Beneficiary
7
Q
Probate process
A
- Qualification of Fiduciary
- Petition to Ct
- Letters of Testamentary
- Notice to interested parties (beneficiaries, creditors, taxes)
- Collection of property
- Pay debts
- Pay taxes
- Distributing the estate
- Closing the estate
8
Q
Solemn Form Probate
Common form
A
NY: Notice must be given prior to starting the probate process
CF: Notice is given after receiving letters of testamentary
