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Lecture 18

ACCT351 Lecture Notes - Lecture 18: Per Stirpes, Concurrent Estate, Probate Court

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May 17 Notes
Key Concepts:
Concurrent ownership real property
Tenants by entirety
o Right of survivorship upon death, interest goes to other tenant(s)
o Married, cannot be unilaterally severed
Joint tenants
o Right of survivorship upon death, interest goes to other tenant(s)
o Sale or transfer by one tenant turns the relationship into tenants in common
Tenants in common
o No right of survivorship
o Freely transferrable
o Upon death interest goes to heirs
Easement right to access of property
Ex: power box in the backyard, the power company has an easement to go into the
Runs with the title whoever buys the property accepts that the easement comes with it
Will testator executes a will (in writing) with 2-3 witnesses
Legal ceremony and requirements
Codicil separate document that revokes or amends a will
Requires all the formalities of a will
Executor of a will is responsible for administration of estate
Gathering assets and distributing as per the will
Executor files death certificate and will with the local state probate court
o State probate court issues decree of probate and letters testamentary
Letters testamentary are letters from the stat that enable us to amass and
distribute assets
When finished, the executor files the certificate and accounting with the
probate court
Waiting period is followed by a final probate decree which discharges the
Testamentary Gifts
Specific gift identifies a specific piece of property
o Ex: car, 1/3 of property, etc.
Per stirpes distribution
o Generational distribution the first generation gets all of it unless someone in that
generation is deceased that person’s portion will be passed down their line
Per capita distribution
o Everyone who is alive gets the same amount, regardless of which generation they
belong to
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