Lesson 6

Question 1

Probate

Answer 1

The court-enforced process of liquidating and managing the decedent’s estate. This includes publicizing the decedent’s death and giving notice to creditors, collecting all assets, paying all debts and expenses of the estate, making distribution according to the will or intestate statute, and filing an account with the probate court

Question 2

Abatement

Answer 2

Abatement is the process of reducing testamentary gifts in cases where the estate assets are not sufficient to pay all claims against the estate and satisfy all bequests and devises.” The order for abatement is (1) residuary gifts, (2) general gifts, (3) demonstrative gifts, and (4) specific gifts