Individually Owned Banking Accounts Can Be Easily Set Up to Avoid

question 121

Multiple Choice

Individually owned banking accounts can be easily set up to avoid probate by creating

• A)a payable-on-death designation.
• B)a will.
• C)a revocable trust.
• D)guardianship.

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Definitions:

Riparian Owner

An individual or entity that owns land adjoining a river or stream, with certain rights and responsibilities regarding water usage and protection.

Natural Stream

A watercourse that flows naturally without human intervention, which can include rivers, brooks, creeks, and rills.

Reversion Interest

An interest in an asset or property that reverts back to the original owner, or their heirs, after the conclusion of certain conditions or time periods.

Life Tenant

An individual who has the right to use and benefit from a property during their lifetime, but does not have the right to sell or bequeath the property.