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NCSU ARE 306 - Unit 8 - Estate Planning

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Unit 8 Estate Planning ARE 306 I. Methods of Transferring Property at Death A. Joint ownership with right of survivorship B. By will C. By intestate succession D. By trust E. Insurance and survivors' benefits II. Survivorship property A. Real property 1. Tenants by the entirety Married couples only 2. Joint tenancy B. Personal property Joint tenancy III. Testate succession A. Wills 1. Competence a. 18 years or older b. Sound mind 2. Effect of will 3. Execution a. Two (preferably 3) witnesses to testator's signature b. Gifts by will to witnesses are voidc. Self-proved will 4. Changes a. Codicil b. Handwritten changes ineffective for lack of proper execution 5. Revocation a. By subsequent will b. By act c. Partial revocation by divorce 6. Restrictions on transfers by will a. Spouse's statutory share b. May be applicable to survivorship and trust property 7. Probate 8. Funeral instructions should not be in will 9. Do you need a lawyer to draft a will? a. Holographic wills b. Nuncupative wills IV. Intestate succession No will, division of property determined by statute V. Trusts A. Revocable 1. May be revoked by trustor 2. No estate tax effect 3. Subject to trustor's creditorsB. Irrevocable 1. Cannot be revoked by trustor 2. Separate taxable entity 3. Gift tax consequences upon


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NCSU ARE 306 - Unit 8 - Estate Planning

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