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2010-10-11 22:39:38
Probate Summary

Probate Summary
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  1. A. Real vs. Personal Property
    B. Title and Ownership
    1. Individual
    2. Joint Ownership
    a. Joint Tenancy w/ROS
    b. Tenancy in Common
    c. Community Property
    d. Community Property w/ROS
    • C.Character of Property
    • 1. Community Property
    • 2. Separate Property
    • 3. Quasi-Community Property
    • 4. (Transmutation/Tracing).
  2. D. Estates in Land.
    1. Fee Simple Absolute
    2. Life Estate.
    a.Present Interest -- Life Tenant; full use, no waste
    b.Future Interests – Reversion and Remainder
    c.Subject to Rule Against Perpetuities
    d.Example: “To A for Life” or “To A for Life, and then to B”
    • 3. Fee Simple Subject to Condition Subsequent
    • a. Subject to condition, restriction, limitation; enforceable by grantor or grantor’s estate
    • b. Future Interest – Power of Termination
    • c. Subject to Rule Against Perpetuities.
  3. E. Investments
    1.Bank accounts – Money Market, CD’s, P.O.D./Totten Trust.
    2.Stocks and Bonds.
    3.Designated Beneficiary – life insurance, retirement (pensions, 401k, IRA, Roth IRA).
    F. Probate vs. Non-probate.
    • II. Intestate Succession
    • A.Community Property
    • B.Separate Property
  4. III. Distribution Methods.
    A. Per Stirpes (By Right of Representation)
    B. Per Capita at Each Generation
    C. Per Capita with Representation.
    • IV. Wills
    • A. Testator – Testamentary Capacity
    • B. Valid Will – 3 requirements:
    • 1. In writing
    • 2. Signed by testator
    • 3. Attested to by minimum of 2 disinterested witnesses.
  5. C.Contents:
    1.Family history and background
    2.Funeral arrangements
    3.Nominate personal representative
    4.Bond/Waiver of bond
    5.Nominate Guardian
    a.Specific vs. Residuary
    b.Lapse vs. Not lapse