Chapter 2 - Basic Rules for Property Transfer

Question 1

WHAT IS THE GENERAL RULE FOR PROBATE AND NON PROBATE ASSETS REGARDING CREDITORS

Answer 1

NON PROBATE PROPERTY IS NOT SUBJECT TO CREDITORS

OR

NON PROBATE ASSETS ARE ONLY SUBJECT TO CREDITORS UP TO THE AMOUNT NOT PROVIDED FOR BY THE PROBATE ASSETS

Question 2

ALL LEGAL PROPERTY DIRECTLY OWNED FOR WHICH THERE IS NO LEGALLY RECOGNIZED DEATH BENEFICIARY DESIGNATION

Answer 2

PROBATE PROPERTY

Question 3

WHAT DETERMINES WHICH STATE INTESTACY STATUES WILL APPLY

Answer 3

THE DOMICILARY STATE

Question 4

SHARE A COMMON ANCESTRY WITH A DECEDENT, BUT IS NOT A LINEAL DECEDENT

Answer 4

COLLATERAL RELATIVE

Question 5

CRITERIA FOR WRITING A VALID WILL

Answer 5

TESTATOR

1- 18 YEARS OLD
2- HAVE MENTAL CAPACITY
3 - MUST BE EXECUTED FORMALLY

FL STATUTE 732.502

Question 6

WHAT IS A DOCUMENT THAT ADDS TO OR MODIFIES A WILL

Answer 6

CODICIL

Question 7

SEPARATE PROBATE PROCESS FOR REAL ESTATE OWNED IN ANOTHER STATE

Answer 7

ANCILLARY PROBATE

Question 8

THE PROCESS OF ISSUING AN INVENTORY OF ALL ASSETS OWNED BY A DECEDENT

Answer 8

MARSHALING THE ASSETS

Question 9

A PERSON APPOINTED BY THE COURT TO REPRESENT THE INTEREST OF A MINOR DURING THE COURSE OF LEGAL PROCEEDINGS

Answer 9

GUARDIAN AD LITEM

Question 10

SPECIAL TYPE OF JOINT TENANCY BETWEEN MARRIED COUPLES

Answer 10

TENANCY IN THE ENTIRETY

Question 11

CO-OWNERSHIP IN WHICH EACH CO-OWNER HAS SEPARATE BUT UNDIVIDED INTEREST IN PROPERTY

Answer 11

TENANCY IN COMMON

Question 12

HOW IS OWNERSHIP TRANSFERRED IN A TENANCY IN COMMON SITUATION

Answer 12

THE OWNERSHIP TRANSFERS TO THE DECEDENT’S ESTATE (THEIR % SHARE), NOT TO THE SURVIVING OWNER