Week 1 Class Notes - Test 1

Question 1

History: the right of testamentary disposition is not a (1) but is given by (2). (3) pass laws re: passing of property BUT (4)! Probate is also called (5)

Answer 1

1. natural right (as in, constitutional)
2. state
3. State legislatures
4. federal law taxes probate
5. laws of succession

Question 2

The “(1)” part traditionally refers to succession of land; the “(2)” part refers to personal property.

Answer 2

1. Will

2. testament (Of “Last Will and Testament”)

Question 3

Wills have their history in (1), passage of property to the eldest son. In 1840 (2) and (3). The (4) allowed women to retain the money they made/inherited.

Answer 3

1. primogeniture
2. women began to inherit
3. the requirement of 2 witnesses appeared
4. Married Women’s Property Act of 1870

Question 4

Why was probate law differentiated in the US vs. England?

Answer 4

Land was plentiful here. In England succession had to be more careful because it was limited.

Question 5

3 reasons people may not have a will

Answer 5

1. don’t think they need one (healthy)
2. don’t want to talk about it
3. no property

Question 6

A will is a (1) of a person’s intent to (2) after his or her death.

Answer 6

1. written declaraction

2. distribute property

Question 7

3 features of a will

Answer 7

1. revocable during testator’s lifetime (can rewrite, destroy, etc.)
2. operative for no purpose until death (ambulatory)
3. applicable to the situation which exists at death (e.g., the right car must be named in the will)

Question 8

Another way to think of the ambulatory nature of a will is that anything written into the will, before death, is a (1), not a (2). The will is binding only upon (3).

Answer 8

1. mere expectancy
2. right
3. death

Question 9

Probate is an (1) of proving a (2) or (3).`

Answer 9

1. administration process
2. will
3. intestacy

Question 10

(1) include wills and trusts. (2) are no necessary for everyone!

Answer 10

1. Estate plans

2. Trusts

Question 11

Many people intentionally die (1)

Answer 11

1. intestate

Question 12

An (1) administers a testate estate; a (2) is (3) and administers an intestate estate.

Answer 12

1. executor
2. court-appointed
3. personal represenative

Question 13

Property can be (1) or (2) and (3) or (4). The status f property can change (real = tree, growing crops; personal = cut tree, harvestable crops); it is important to know what the status was at the time of (5). This can also affect the (6) of the estate.

Answer 13

1. real
2. personal
3. tangible
4. intangible
5. death
6. taxes

Question 14

A (1) is a lawsuit right, a right for a paycheck, etc. Basiically a debt owed to the person that becomes owed to the estate upon death.

Answer 14

1. chose in action

Question 15

Property is only included in a person’s estate if they (1) it at their death,

Answer 15

1. owned

Question 16

Trusts are sometimes set up to avoid (1). It gets the property out of the person’s name before death.

Answer 16

1. probate

Question 17

Owned (1) means owned alone. Owned (2) means owned together and can inclue (3), (4), (5), or (6).

Answer 17

1. severally
2. jointly
   3 joint tenancy with right of surivorship
   4 tenancy in common
   5 tenancy by the entirety
   6 community property

Question 18

4 unities of title required for joint tenancy with right of survivorship, without any one of which the relationship becomes tenants in common

Answer 18

1. time (one deed)
2. interest (equal shares)
3. possession (each has a right to occupy the property at the same time)
4. title

Question 19

JTWROS property passes (1)–no need for probate. One cannot sell his interest without (2).

Answer 19

1. by operation of law (as does life insurance)

2. consent from other tenants

Question 20

(1) would happen if, for example, one JTWROS tenant buys out another’s interest. This relationship is usually used for (2)

Answer 20

1. tenancy in common

2. investment property

Question 21

(1) is for married couples only and does not exist in Arizona! It is JTWROS plus one unity–that is, (2).

Answer 21

1. tenancy by entirety

2. the property is not subject to creditors

Question 22

Community property, as a type of state law (present in AZ) is the opposite of (1). It has a (3) and pertains to all property acquired (4) unless stipulated otherwise (5). It does not include (6) or (7).

Answer 22

1. common law
2. :)
3. right of survivorship
4. after marriage
5. ahead of time
6. inheritance (unless deposited in a joint account)
7. gifts

Question 23

With common law passage of property, the spouse is guaranteed a (1) of the (2) of the property upon death of the other.

Answer 23

1. percentage

2. dollar amount

Question 24

If you die in one state by have probate in another, this is called (!)

Answer 24

! Ancillary administration

Question 25

The best way to own property is (1)--meaning you can do anything with it

Answer 25

fee simple

Question 26

A (1) is different than fee simple--it is a right to use th eproperty rather than ownership. You can also do one of these (2)--contingent on a person's life other than that of the one inheriting. A (3) regarding this type of estate regards who the property passes to after the specified life. (4) regarding this means the property goes back to the original owner after the specified death.

Answer 26

1. life estate 2. pur autre vie 3. remainder interest (e.g., ex-wife gets life estate with remainder interest to children) 4. reversion

Question 27

Another type of life estate is a (1), in which the decedent gives the tenant the power to give the property away (which normally is not possible) instead of having the property go to a remainder.

Answer 27

1. Lady Bird deed | 2. transfer-on-death deed (beneficiary deed)

Question 28

4 requirements for a valid transfer on death deed in Arizona (which allows property to pass by law sans probate upon death of the owner)

Answer 28

1. deed is signed y the property owner and notarized 2. recorded in the county where the real estate is located 3. recorded during the property owner's life 4. accurately states the legal description of the real property

Question 29

Along the lines of a transfer-on-death deed is a (1), which Arizona recognizes, which is a bank account that the deceased sets up for a beneficiary during his lifetime. The beneficiary has no (2) until the death, and the depositor may (3) the account at any time. This property passes without (4) or (5). No (6) is allowed with this, and the funds in the account can be reached by (7).

Answer 29

1. Totten Trust (pay-on-death account) 2. access 3. revoke 4. probate 5. taxes 6. lapse 7. creditors