Non-Probate Transfers

Question 1

Joint Bank Accounts

Answer 1

Joint tenants of bank account of right of survivorship & entitled to remaining funds.

Contestant can overcome presumption by showing account was set up for mere convenience of the parties

Question 2

Totten Trust

Answer 2

Is created when depositor opens up a bank account for himself as trustee for another.

Revocable both by will and during lifetime of creator.

Question 3

Life Insurance Beneficiary

Answer 3

Policyholder has power to change beneficiaries during his lifetime. Change is generally not permitted through a will.

Question 4

Inter Vivos Gifts

Answer 4

Made during the donor’s lifetime & not subject to intestacy rules or probate.