Nonprobate Transfers

Question 1

Nonprobate transfers

Answer 1

These are gifts that are transferred outside of the will (usually inter vivos gifts, or gifts that pass automatically on death regardless of any provisions in a will).

Question 2

Inter vivos gifts (during life)

Answer 2

Requires:
(1) intent (present)
(2) delivery (physical)
(3) acceptance (presumed)

Once made, it cannot be revoked

Question 3

Gifts causa mortis (immediate apprehension of death)

Answer 3

Requires:
(1) intent (present)
(2) delivery (physical)
(3) acceptance (presumed)

Revocable until donor dies.

Question 4

Payable-on-death accounts

Answer 4

A Totten trust bank account (“payable-on-death” bank account, or “poor man’s will”) is created when one party (the depositor) puts money in bank account with instructions that on his or her death, whatever is left over is payable to
another person (beneficiary).

If intended beneficiary predeceases the depositor, gift will lapse and it just becomes an ordinary bank account.

Question 5

Joint bank account

Answer 5

The surviving tenant of a joint bank account is ordinarily entitled to the account balance when the other tenant dies.

Question 6

Powers and duties of personal representatives

Answer 6

Duties:
An individual named as personal representative in a decedent’s will has priority to receive letters testamentary from the court overseeing the administration of the estate.

Where the will is silent regarding the appointment of a personal
representative, the court will appoint a qualified person. Usually, decedent’s surviving spouse is the individual with the first priority.

UPC: a surviving spouse has first priority only if the spouse is a devisee of the decedent.