CLU - CFP Topics 53 - 73 Estate Planning: Probate Flashcards

1
Q
  • Identifies the persons that will receive the decedents assets
  • Requires proof that it is the last will and testament
A

probate

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2
Q

One is intestate if:

A
  • No will
  • Will doesn’t cover all assets not under will substitutes
  • Will is found to be partially or completely invalid
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3
Q

Objectives of probate

A
  • Paying debts and taxes

- Distributing the decedent’s assets

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4
Q

Distributed in probate:

Two types of bequests.

A

specific and general

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5
Q

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

A

specific

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6
Q

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

A

general

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