Transferring Nonprobate Property By Contracts Estate planning not only includes deciding who will inherit your assets but also how your heirs will receive them. One method is to transfer your property by contracts that you sign as part of your estate plan. Alex recently died. His assets consisted of a savings account held jointly with his brother, a retirement account with his mother designated as the primary beneficiary, and a life insurance policy with his best friend designated as the primary beneficiary. True or False: During his lifetime, Alex arranged for the transfer of this nonprobate property. True False True or False: Carl has a stock brokerage account. He designated his best friend as his primary beneficiary and did not name a contingent beneficiary. If Carl dies after his best friend dies, the stock brokerage account will go to his estate. True O False Jared and Madeline have been married for many years. They pay their household bills from a joint checking account with a local bank. While Jared was away on business, Madeline wanted to close out the checking account. True or False: Madeline would not have been allowed to close the account. False True Jamal is single and has three close friends. In the event of his death, he wants to leave them some money and doesn't want them to have to wait for probate on his estate to be completed. True or False: One way to achieve his goal would be to open three savings accounts and sign payable-on-death designations naming each friend as the beneficiary. True False