Hi all,
Under the section on estate planning, Schweser says that “Assets solely owned by the decedent must be transfered by a will through the probate process”.
Now, how about assets not solely owned? (would that be for example a company owned by different investors including the decedent?)
Also, those two options the book mentions: gifts and bequests - are those part of the probate process? I mean, particularly, the bequest which is carried after death, is it a part of the probate process?
i’m pretty sure if it’s not solely owned, the other owner gets to take the assets. I believe it’s a way to transfer assets tax-free and without probate.
Cool thanks. How about the second question?
My thoughts is the answer given is correct for joint tenancy with rights of survivorship.
Other types of owning an asset between multiple people could be handled differently.
For example, tenancy in common, the decedents portion is put into his estate.
gifts are paid before death and therefore not part of the estate process (but could have to pay a gift tax)
bequests are done at death, and are subject to estate tax and are likely part of probate.