Non Probate Assets Flashcards
1
Q
What is probate estate?
A
Property that a testator owned solely in his name at the time of his death which is disposed of pursuant to the terms of his will or passes by intestacy.
2
Q
What are non probate assets?
A
These are interests in property that are not subject to disposition under the will or via intestacy.
3
Q
What are the four categories of non probate assets?
A
a) Property which has passed by right of survivorship like a joint bank account, joint stock account
b) Property passing by contract including a life insurance policy or employee benefits payable to a beneficiary other than the decedent or decedent’s spouse.
c) Property held in trust.
d) Property over which decedent held power of appointment.
