Will Substitutes

Question 1

Will substitutes are ____________ assets and are not affected by the testator’s ___________.

Answer 1

nonprobate; will.

Question 2

Totten Trust

Answer 2

a deposit of money in a bank account in trust for another person. The depositor retains complete control over the account during their lifetime, and the transfer is complete only upon her death.

Question 3

Joint/Survivor Account

Answer 3

a bank account deposit in the name of two or more persons with the right of survivorship.

Question 4

Under the UPC, can creditors reach the money in a joint account?

Answer 4

Yes, to the extent that the decedent deposited money in the account, if the other estate assets are insufficient to satisfy their claims.

Question 5

Under common law, can creditors get to joint account funds?

Answer 5

yes, if it was opened for the testator’s convenience and there was no intent that the other depositor have rights of survivorship.

Question 6

Are pay-on-death accounts valid?

Answer 6

No

Question 7

What must a contract to dispose of property upon one’s death have?

Answer 7

All the formalities of a will. A mere contract is not valid if it does not meet the formalities of a will.