Aaron owns a certificate of deposit with Beth, his sister, and an apartment building with Carl, his brother, in both cases as a joint tenant. Aaron, a partner with Debra in Aaron & Debra Accountants, obtains a life insurance policy with Debra as the designated beneficiary. Aaron writes a will that gives particular items of personal property, as well as specific amounts of cash, to his children and his friends. The will leaves the residue of the estate to Eve, Aaron's favorite cousin. Carl dies. Aaron, on his own deathbed, makes a gift to the United Way. Will the certificate of deposit, the apartment building, the proceeds from the life insurance policy, and the gift to the United Way become part of Aaron's estate and be distributed under the will? If not, how will these items be
distributed and to whom?
What will be an ideal response?
Of the items listed in the question, only the apartment building will become part of Aaron's estate and be distributed in accordance with his will. When property is owned in joint tenancy, each joint tenant has a right of survivorship, which means that if a joint tenant dies, the survivor becomes the sole owner of the property. Because Aaron owned the apartment building in joint tenancy with his brother, and the brother predeceased him, Aaron became the sole owner. As such, Aaron could transfer the property in any way he wished. The apartment building passes under the will, because, unlike the other items in this question, no other disposition for it was made. The interest in the certificate of deposit, which Aaron and his sister Beth held as joint tenants, passes to Beth, who survives Aaron. The gift that Aaron made to the United Way on his deathbed is effective and thus would not become part of Aaron's estate. The proceeds of the life insurance policy would pass to Debra, the beneficiary, without becoming part of the estate.
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