Transferring Nonprobate Property By Contracts Estate planning not only includes deciding who will inherit your assets but also how your heirs will receive them. One method is to transfer your property by contracts that you sign as part of your estate plan. Lei recently died. Her assets consisted of a savings account held jointly with her brother, a retirement account with her mother designated as the primary beneficiary, and a life insurance policy with her best friend designated as the primary beneficiary. True or False: During her lifetime, Lei arranged for the transfer of this nonprobate property. O False O True True or False: Amy has a 401(k) plan. She designated her mother as her primary beneficiary and her best friend as the contingent beneficiary. If Amy dies before her mother or best friend, the 401(k) will go to her best friend. O False O True Madeline and Carl have been married for many years. While Madeline was away on business, Carl closed out the household checking account. True or False: Carl was able to do this because they both owned the account as joint tenants. O True O False Akiko is single and has three close friends. In the event of her death, she wants to leave them some money and doesn't want them to have to wait for probate on her estate to be completed. True or False: One way to achieve her goal would be to open three savings accounts and sign payable-on-death designations naming each friend as the beneficiary. False True Transferring Nonprobate Property By Contracts Estate planning not only includes deciding who will inherit your assets but also how your heirs will receive them. One method is to transfer your property by contracts that you sign as part of your estate plan. Lei recently died. Her assets consisted of a savings account held jointly with her brother, a retirement account with her mother designated as the primary beneficiary, and a life insurance policy with her best friend designated as the primary beneficiary. True or False: During her lifetime, Lei arranged for the transfer of this nonprobate property. O False O True True or False: Amy has a 401(k) plan. She designated her mother as her primary beneficiary and her best friend as the contingent beneficiary. If Amy dies before her mother or best friend, the 401(k) will go to her best friend. O False O True Madeline and Carl have been married for many years. While Madeline was away on business, Carl closed out the household checking account. True or False: Carl was able to do this because they both owned the account as joint tenants. O True O False Akiko is single and has three close friends. In the event of her death, she wants to leave them some money and doesn't want them to have to wait for probate on her estate to be completed. True or False: One way to achieve her goal would be to open three savings accounts and sign payable-on-death designations naming each friend as the beneficiary. False True
