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Takes under the will
receives benefit |
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| In the decedents name alone |
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anything else not in the decedents name alone
ex: joint acct |
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closest relative
can object to the will
distributes the will
takes if there is no will |
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Children and Grandchildren
all people below you |
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Gets the remainder of the will
RRR - "rest residue in remainder"
residuary clause - whatever you don't mention goes to this person |
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| somebody holds on to the money for somebody's benefit |
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Living Trust
Set up when person is alive
names someone as the trustee to handle the money
residuary when dead goes through the estate not the trust |
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Payable on death account
beneficiary gets money after you die
not a joint acct
beneficiary can be changed during lifetime |
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if you can't get football, you don't get it
must surive 5 days
cant give away what you don't have |
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you don't own it when you die
can't will what you don't have |
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cutting back because less in the estate than originally willed
will 100k each to A and B
estate only has 50K
A and B only get 25K each |
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same thing as life insurance
individual retirement |
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one owns the house
one gets to live in it
can sell the life estate
owner pays mortgage, life tenant gets to live there |
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