A. Real vs. Personal Property
B. Title and Ownership
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
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.
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
III. Distribution Methods.
A. Per Stirpes (By Right of Representation)
B. Per Capita at Each Generation
C. Per Capita with Representation.
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.
1.Family history and background
3.Nominate personal representative
4.Bond/Waiver of bond
a.Specific vs. Residuary
b.Lapse vs. Not lapse