This is an extract of our Will Substitutes document, which we sell as part of our Wills and Trusts Outlines collection written by the top tier of Thomas Jefferson School Of Law students.
The following is a more accessble plain text extract of the PDF sample above, taken from our Wills and Trusts Outlines. Due to the challenges of extracting text from PDFs, it will have odd formatting:
Non-Probate Transfers o
? if someone dies w/ will in place, their estate must be probated
* To avoid can give gifts before death or can transfer certain assets at death w/o ct supervision
Contract law- conflicts of law
? Estate of Hillowitz
* A partnership agreement that provides for a payment of the partner's interest to a beneficiary upon his death is valid even though it does not comply with the statue of wills.
? Englehoff v. Englehoff
* The federal Employee Retirement Income Security act preempts a state statute which revokes the payment of a non probate asset to a former spouse because the statute interferes with the statutes goal to administer a nationally uniform plan. The ERISA statute commands that a plan shall, "specify the basis on which payments are made to and from the plan." If administrators are forced to act in accordance with the state statute, they will have to comply with the varying statutes of all 50 states and wait on litigation before processing a payment. This delay conflicts with the legislature's goal of minimizing the administrative and financial burdens placed on beneficiaries.o
Life insurance policies
* as long as meets insurance policy law, doesn't have to meet probate codes
Bank Accounts and stocks
? $ in bank acct part of estate, but there are ways to set up bank accts that stand alone in distribution of assets
* ITF o "in trust for"- sets up acct w/ bank (no formal trust/will document), bank holds $ in trust for another person and payment will be made at death of person creating acct (or when receiver turns 25,etc)
* PoD o "pay on death"- same as above, easier version of ITF, person who made PoD acct owns the acct
* ToD o "transfer on death"- used for stock certificates
* Proportional and beneficial ownership
Buy the full version of these notes or essay plans and more in our Wills and Trusts Outlines.