Property Ownership
Define rights of survivorship
If a title holder dies, their interest in property is transferred to the other title holder(s).
Define revocation
The legal act of invalidating or canceling previously created will, in whole or in part, making it void and without legal effect.
The power to make medical decisions one another's behalf is called
Medical power of attorney
T/F: Real Property is land or permanently attached items.
True
False
True/False (and define the term): Tenancy by the Entirety applies to married couples only.
True. Def: Spouses own the whole property together, and at death, the entire property is automatically owned by the surviving spouse.
Define the "no revival rule"
Once a will is revoked, that does not revive previous wills.
The term for *designating* the person that will care for your child should you pass away
Designation of Guardian
A joint bank account with RoS, life insurance with a named beneficiary, and property held in trusts are all examples of ___ property.
Non-Probate
The four requirements for a valid will
Legal capacity, testamentary capacity, testamentary intent, statutory compliance
Property acquired by marriage is presumed to belong 50/50 to both spouses. At death, the deceased spouse's half may pass by will or intestate. What is this type of property ownership?
Community Property
What 3 requirements are needed to physically revoke a will?
1. Testamentary capacity
2. Testamentary intent
3. Perform the physical act
Oh no, you just died! Your family wants to know what to do with your body. What document should they look for?
Final Disposition
Summarize the Terry Schiavo case.
*answers may vary*
T/F: Trusts avoid probate court
True
What is the main difference between Joint Tenancy and Tenants in Common?
Tenants in Common has no rights of survivorship.
Give two examples of how a will can be revoked by operation of law.
Marriage, divorce, pretermitted heirs, death of beneficiary, slayer statutes
T/F: Durable power of attorney gives someone the ability to act on your behalf in terms of property before and after you die.
T/F: Half-siblings receive intestate the same as full blood siblings.
True in majority of states.
Creates the trust and places the property into it
Three people own equal shares of a property. One of them dies, and they have one daughter. The type of property ownership is tenants in common. Does the property get divided among the two other owners, or pass to the daughter?
Passes to the daughter
Oh no. You got in a car crash (Lilly was driving) and got a traumatic brain injury. This document will dictate who will make decisions for you while you are mentally incapacitated.
Self designation of Guardian
Estate administration is the process of (3 steps):
1. Collecting and managing the estate
2. Paying debts and taxes
3. Distributing remaining property to heirs and beneficiaries
What happens when someone dies (step by step process)
1. Will, yes or no
2. Probate court, gathering assets, determining what property is jointly owned or has beneficiaries
3. Creditors and taxes are paid
4. If will, executed by executor
5. If no will, intestate succession