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For example, life insurance and retirement accounts with properly completed beneficiary designations should avoid probate, as will most bank accounts titled jointly or made payable on death. [33] Some states have procedures that allow for the transfer of assets from small estates through affidavit or through a simplified probate process.
Beneficiary designations are a simple, yet effective way to prevent assets from health savings accounts (HSA) and 401(k)s from going into probate. Naming one or more beneficiaries takes just a few ...
The name is derived from Matter of Totten, 179 N.Y. 112 (1904), the case decided by the New York Court of Appeals which established the legality of this practice. Although this method of creating a trust did not meet the formal requirements of trust creation, or the testamentary formalities required to make a valid will, the Court noted that such an arrangement typically involved a small ...
The anti-lapse statute "saves" the bequest if it has been made to parties specified in the statute, usually members of the testator's immediate family, if they had issue that survived the testator. For example, the New York anti-lapse statute specifies brothers, sisters, and issue, specifically.
Letters of Administration are granted by a surrogate court or probate registry to appoint appropriate people to deal with a deceased person's estate where property will pass under intestacy rules or where there are no executors living (and willing and able to act) having been validly appointed under the deceased's will.
A demonstrative devise, is money given from a particular account. For example, "$10,000 to be paid from the sale of my GM stock." A residual devise is one left to a devisee after all specific and general devices have been made. For example, James's will might say: "I give all the rest, residue and remainder of my estate to my daughter Lilly."