Estate Planning For Non-Traditional Relationships - Answer Key

1. B

Community property and tenancy by the entirety are between spouses and will not meet the needs of same-sex relationships. Tenancy in common is probated, so intestate laws will kick in and overlook the partner in the relationship. Joint tenancy with rights of survivorship is the only property title listed here that will take care of Jim in the event of Jeff's death.

2.
C

Tenancy by the entirety is for spouses only. Annuities pass by contract, so you should inform Rebecca to obtain the primary beneficiary change forms from her annuity insurance company. Listing the annuity in the will takes second hand to beneficiary designations.

3.
C

Prenuptial marriage certificates would not be a good recommendation at this time. However, should they change their minds and consider marriage down the road it might be a viable consideration since they both have children from previous marriages. All the other documents should be considered.


Related Articles
  1. Professionals

    Sample Questions 1 - 3

    Sample Questions 1 - 3
  2. Professionals

    Tenancy

    Joint Tenancy with Right of Survivorship, Tenancy by the Entirety, Tenancy in Common
  3. Professionals

    Sample Questions 1 - 4

    Characteristics And Consequences Of Property Titling Sample Questions
  4. Retirement

    Holding Titles On Real Property

    Find out how best to claim and convey ownership on your assets.
  5. Personal Finance

    The Benefits And Pitfalls Of Joint Tenancy

    This arrangement allows beneficiaries to access your account without having to go to court.
  6. Professionals

    Strategies

    Strategies
  7. Taxes

    Gay Couples: Here Are Your New Rights

    The expansion of same-sex marriage means gay and lesbian partners can now enjoy basic spousal rights, regardless of where they live.
  8. Home & Auto

    Nonfreehold Estates In Real Property

    If you have an interest in real estate, read on to find out which type of property you have.
  9. Retirement

    Estate Planning: Will Substitutes

    by Cathy Pareto, CFP®, AIF® (Contact Author | Biography) A will substitute is a technique that allows you to transfer property at your death to a beneficiary outside the probate process. ...
  10. Retirement

    Maximize the Tax Benefit from Your Annuity

    Understand how nonqualified annuities are taxed during your lifetime, and how they are taxed when passed on to your beneficiaries.
RELATED TERMS
  1. Joint Owned Property

    Any property held in the name of two or more parties. The two ...
  2. Tenancy By The Entirety

    A type of concurrent estate in real property that is unique in ...
  3. Tenancy At Will

    A tenancy agreement where a tenant occupies property with the ...
  4. Tenants By Entirety - TBE

    A method in some states by which married couples can hold the ...
  5. Tenancy In Common

    A way for two or more people to have equal ownership interests ...
  6. With Benefit Of Survivorship

    A form of joint tenancy ownership where property passes to the ...
RELATED FAQS
  1. Among the following property ownership arrangements, which may be entered into by ...

    The correct answer is b): Tenancy by the entirety and Community property are ownership arrangements that can only be between ... Read Answer >>
  2. What are the risks of annuities in a recession?

    Distinguish between the most common types of annuities, and understand which types of annuities pose the most risk during ... Read Answer >>
  3. Should I pull my money out of an annuity if the insurance company is having financial ...

    If an insurance company is having financial problems, you don't necessarily have to pull your money out of the annuity. Even ... Read Answer >>
  4. What are the main kinds of annuities?

    Learn about the four basic types of annuities, and why the different investment and payout options are suitable for different ... Read Answer >>
  5. What are the best ways to sell an annuity?

    Learn about the best ways to sell annuities. Annuities are financial products that provide income on a regular basis to their ... Read Answer >>
  6. Is my husband's ex-spouse entitled to receive my spouse's retirement benefits?

    The rules vary among retirement benefits. In some cases, because you are the current spouse, you will be treated as the beneficiary ... Read Answer >>
Hot Definitions
  1. Law Of Demand

    A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer ...
  2. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  3. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  4. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  5. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  6. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
Trading Center