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
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
3
Q
Objectives of probate
A
- Paying debts and taxes
- Distributing the decedent’s assets
4
Q
Distributed in probate:
Two types of bequests.
A
specific and general
5
Q
___ bequest is the real/personal property set forth in the will to specific beneficiaries.
A
specific
6
Q
___ bequest is a portion or share of the assets usually paid out in money (pecuniary).
A
general