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Transferring Nonprobate Property By Contracts Estate planning not only includes deciding who will inherit your assets but also how your heirs will receive them. One method is to transfer your property by contracts that you sign as part of your estate plan. Amy recently died. True or False: Since she had a relatively small estate, her family is allowed by law to bypass the probate process, get together for a family meeting, and vote on how her assets will be distributed. True False Maria has a 401(k) plan. She designated her mother as her primary beneficiary and her best friend as the contingent benefidiary. True or False: If Maria dies before her mother or best friend, the 401(k) will go to her best friend. True False Hileen and Jesus have been married for many years. While Elleen was away on business, Jesus ciosed out the household checking account. True or False: Jesus was able to do this becouse they both owned the account as Joint tenants. False True Ginny is single and has three close friends. In the event of her death, she wants to leave them some money and doesn't want them to have to wait for probate on her estate to be completed. True or False: One way to achieve her goal would be to open three savings accounts and sign payable-on-death designations naming each friend as the beneficiary. False True

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