Week 13

What is included in Cheryl's probate estate?

• A family residence owned in her name alone.

• Checking and Savings account she owned with her husband.

• Her diamond ring.

• One-thousand shares of Exxon Oil stock in joint tenancy with her husband.

What is not in Cheryl's probate estate?

• Summer cottage owned in joint tenancy with her husband, that was given to them by Cheryl's father when he died.

• Her individual checking account with Allied First Bank.

• A car (2004 Ford Fiesta) worth $5,500 in her name alone.

• Her mink coat worth $4,000.

Personal Property is defined as

• Movable items that are not fixed to land or buildings

• Real estate; like land and houses

• Only intangibles assets such as stocks and bonds.

• Items permanently attached to a building.

Sammy and her husband own a home together as tenants by the entirety. Is this part of Sammy's probate estate?

• Yes.

• Yes, but only if her husband is still alive she when died.

• Yes, but only if her husband died first.

A tenancy in severalty is

• Ownership by one person.

• Ownership by a married couple.

• A tenancy in common.

• Joint ownership.

What type of tenancy is created by the following language:
"James Shoemaker conveys and warrants Blackacre to Joe and Mary Smith, a married couple."

• Tenancy in Common

• Joint Tenancy with Full Rights of Survivorship.

• Tenancy in Severalty.

• Tenancy by the Entireties.

Joey conveys Whiteacre to Gideon for his life. What does Gideon own?

• The entire fee to the property.

• A life estate.

• A right of reversion.

• Gideon owns nothing.

Joey conveys Whiteacre to Gideon for his life. What does Joey own?

• The entire fee.

• A life estate.

• A right of reversion.

• Joey retains no interest in the property.

Jane owns a lake cottage. In a deed of conveyance, she states, "to my father, Jack, for life, then to my sister Sue, for her life." After several years, Jane dies. Followed by Jack, then Sue. Who owns the property?

• Janes Estate

• Jacks Estate

• Sues Estate

• We do not have enough information to answer the question.

Testamentary intent is

• The legal requirement for witnesses

• the act of revoking a will

• the process of executing a will

• the intention of a person for the will to act as their last will.