A very common issue that arises during the course of estate administration concerns assets that a decedent transfers close to the time of death. These transfers can be in the form of outright gifts or the creation of ownership rights such as a joint tenancy or through a beneficiary designation. For example, a situation may exist where a decedent transfers to another person as an outright gift funds from a bank account. Likewise, the decedent may add a person’s name to a bank account or change a beneficiary designation on an insurance policy or retirement account.
All of these events appear on their surface to be improper especially when the transfer occurs right before a person dies and, in particular, when the transferor is aged and/or suffering from a medical or psychological condition which may impair their judgment. Continue reading →