EP CHAP 4 Flashcards
1
Q
What is the probate process ?
A
process of admin estate & transfer assets
2
Q
Transfer assets by probate
A
Public
3
Q
Transfer assets by contract
A
Private
4
Q
Advantages of probate ?
A
- wishes of deceased are going to be carried out
- required all assets to be accounted for
- transferred clear title
5
Q
Duties of Personal rep ?
A
person in charge of handling estate
6
Q
Disadvantages of probate ?
A
- expensive
- public
- take a while
7
Q
What are Surety bonds ?
A
insurance policy that protects estate
8
Q
Letters Testamentary ?
A
prove authorized testament before dealing w/ someones estate
9
Q
what is POD ?
A
Payable on death
- only yours during lifetime
10
Q
what is TOD ?
A
transferrable on death
11
Q
Who is in charge of calculating the value of the probate estate ?
A
duty of personal representative
