CLU - CFP Topics 53 - 73 Estate Planning: Probate

Question 1

• Identifies the persons that will receive the decedents assets
• Requires proof that it is the last will and testament

Answer 1

probate

Question 2

One is intestate if:

Answer 2

• No will
• Will doesn’t cover all assets not under will substitutes
• Will is found to be partially or completely invalid

Question 3

Objectives of probate

Answer 3

• Paying debts and taxes

- Distributing the decedent’s assets

Question 4

Distributed in probate:

Two types of bequests.

Answer 4

specific and general

Question 5

___ bequest is the real/personal property set forth in the will to specific beneficiaries.

Answer 5

specific

Question 6

___ bequest is a portion or share of the assets usually paid out in money (pecuniary).

Answer 6

general