Uniform Probate Code
What is the Uniform Probate Code?The uniform act that was drafted by the National Conference of Commissioners on Uniform State Laws that govern the inheritance and decedent’s estate in the United States is called the Uniform Probate Code or UPC. This code was put in place to streamline the probate process and to standardize and modernize the various state laws that govern and control wills, trusts, and intestacy. Read below where the Experts have answered many questions about Uniform Probate Court.
Does Illinois abide by The Uniform Probate Code Section 2-601?According to Illinois law Sec. 3-1. No sufficient evidence of survivorship. If the title to property or its devolution depends upon priority of death and there is no sufficient evidence that the persons have died otherwise then and there is no other provision in the will, trust agreement, deed, contract of insurance or other governing instrument for distribution of the property different from the provisions of this Section: (a) The property of each person shall be disposed of as if he had survived. (b) If 2 or more beneficiaries are designated to take successively by reason of survivorship under another person's disposition of property, the property so disposed of shall be divided into as many equal portions as there are successive beneficiaries and these portions shall be distributed respectively to those who would have taken if each designated beneficiary had survived. (c) If 2 persons hold title to property as joint tenants, the property shall be distributed 1/2 as if one had survived and 1/2 as if the other had survived. If there are more than 2 joint tenants and all of them have so died, the property thus distributed shall be in the proportion that one bears to the whole number of joint tenants. (d) If the insured and the beneficiary of a policy of life or accident insurance have so died, the proceeds of the policy shall be distributed as if the insured had survived the beneficiary. (Source: P.A. 79-328.) Illinois law also has not fully adopted the Uniform Probate Code.
How does the Massachusetts Uniform Probate Code affect the spousal elective share?In the state of Massachusetts, there is generally no provision that provides a surviving spouse the right to elective share. The Uniform Probate Code elective share provision would, in most cases, not apply in the state of Massachusetts, but the surviving spouse does have claim to the provisions of the will.
Under New Jersey Uniform Probate Code is there a stipulation that a divorce or annulment revokes any beneficiary provisions that names the former spouse as a beneficiary?The former spouse would most likely have all rights to the money if they are the owner of the policy and if the former spouse has children together. In this case, then the children would have rights to the estate if the former spouse were to die. If the former spouse had the insurance on their ex, then the rights to the insurance money would belong to the owner of the policy.
In the state of Main, is the Executor entitled to fees?In the state of Main as well as most states, the adoption of the Uniformed Probate Code has a section in it that explains how the Executor of a will is to be compensated. In these states the amount that is compensated is outlined and set by the laws. The Uniform Probate Code also allows the probate court and judge to set the percentage amount that the Executor is paid.
The Uniform Probate Code is set in place to protect the beneficiaries of a trust or will. This code helps determine the probate process. When a person is going through the probate process they may have questions regarding the Uniform Probate Code and how this code affects them in the probate process. The person would need to consult an Expert to clear up any confusion that they may have.