Items Not Disposed of by a Will (Nonprobate Property) Interactions
Jason and
his brother, Raymond, opened a joint bank account at Bank of America.
Jason made the initial deposit of $5,000. Periodically, Raymond would
deposit money into the account and make withdrawals. A year after opening
the account, Jason was killed in a car accident. At that time, the account
had a $13,000 balance. Raymond is entitled to the money.
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Jason and
his brother, Raymond, opened a joint bank account at Bank of America.
Jason made the initial deposit of $5,000. Raymond was added to the account
for convenience because Jason was about to go to start an internship abroad
and wanted to maintain a bank account in his home city. Periodically,
Jason would send money to Raymond to deposit into the account. Raymond
never put any of his money into the account. A year after opening the
account, Jason was killed in a train accident. At that time, the account
had a $13,000 balance. Raymond is entitled to the money.
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Skylar established
two Totten trusts at National City Bank. The first one was in trust for
his son, Timothy; the second one was in trust for his daughter, Kendall.
Each account usually contained $100,000. Skylar had been a widower for
10 years before he met Candace, who was 30 years his junior. They married
six months after meeting. Shortly thereafter Skylar had to have surgery
for lung cancer. While he was in the hospital, Candace emptied all his
bank accounts (she was a signatory on the accounts), including the two
Totten trusts. Skylar died. Timothy and Kendall sued Candace for the money
that was in the Totten trusts.
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Through her
job, Calista has a $100,000 life insurance policy that names her sister,
Mabel, as the beneficiary. While on a business trip, Calista becomes ill
and dies. The insurance company pays the $100,000 proceeds to Mabel. Calista’s
husband, Wilbur, sues Mabel for the $100,000, since he is the sole beneficiary
in Calista’s will. Wilbur is entitled to the $100,000.
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Through her
job, Calista has a $50,000 qualified retirement plan that names her mother,
Agnes, and sister, Mabel, as the beneficiaries, primary and contingent,
respectively. Last year, Calista married Wilbur; however, she did not
add him as a beneficiary on the retirement plan. Agnes died two years
ago. While on a business trip, Calista becomes very ill and dies. Wilbur
is the sole beneficiary of Calista’s estate.
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