Because joint tenancy and life insurance are ways of directing the disposition of property,they are sometimes referred to as ________.

Question

Quizplus · Accepted Answer

Property held in joint tenancy or tenancy by the entirety is not controlled by a will because the property passes automatically to the surviving cotenant by right of survivorship.In addition,life insurance proceeds are controlled by the insured's designation of beneficiaries,not by any provision of a will.(Because joint tenancy and life insurance are ways of directing the disposition of property,they are sometimes referred to as "will substitutes.")

Because Joint Tenancy and Life Insurance Are Ways of Directing