Wills - Non Probate Property Flashcards
1
Q
What is the most widely used will substitute?
A
Life insurance - a K, and the disposition of the policy’s proceeds is governed by the terms of the K. (think retirement plans, IRAs, etc.)
2
Q
Totten Trusts
A
A deposit of money in a bank account in “trust” for another person.
these are accounts, they are not true trusts.
3
Q
When can creditors reach a joint or survivor account?
A
Under the UPC, creditors can reach the money in a joint account to the extent that the decedent deposited money in the account, if the other estate assets are insufficient to satisfy their claims.
In common law, creditors can reach the joint account if it was opened for the decedents convenience and no survivorship feature was intended.
