Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Probate > Probate 10 > Flashcards

Probate 10 Flashcards

1
Q

Marital deduction trust (A/B trust)

A

Exemption Amount is put in a. All other assets are put in the. B is funded by a

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Adjusted gross estate

A

Value of estate property after deducting all costs and expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Cy pres doctrine

A

As near as possible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Form 706

A

Federal and state tax return after specific criteria regarding an estate or met

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Income in respect of decedent

A

Taxable income earned but not received a death

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

IRS form 1041

A

Income tax for estates and trusts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Unified tax credit

A

Ties together $5.49 million Estate tax exclusion with the lifetime gift tax exclusion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Jurisdiction

A

Authority to hear a case

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

In rem jurisdiction

A

Jurisdiction over a persons property not people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Venue

A

County where the property is located

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Unlimited marital deduction

A

All assets are passed to spouse. No taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Honorary trusts

A

Non-charitable trust with no beneficiaries. Maintain a cemetery plot

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Crummy trust/crummy powers

A

Money put in trust that is equal to the amount of the gift tax exclusion. To which the beneficiary has the right to withdraw for 30 days.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Confidentiality

A

Information from correspondence, legal documents, and consultation obtained from clients

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Usufruct

A

Use of a property that is vested in another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Legal opinion

A

What do you think a client should do to protect their legal rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Trust

A

One person has title to property another person benefits from property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Pourover will

A

Most items given in will residuary given in trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Corpus

A

Body of the trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Bare legal title

A

Owned legal title, creditors are not able to claim any share

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Irrevocable trust

A

Cannot be changed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Intervivos trust

A

Living trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Trustee

A

Person holding title to property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Constructive trust

A

Trust by operation of law because of criminal offense

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Equitable title

A

One person holds title to property while another person enjoys the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Revocable trust

A

Can be changed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Spendthrift trust

A

Debtors cannot touch trust assets of a beneficiary

28
Q

Sprinkling trust/spray trust (discretionary trust)

A

Whoever has the power of discretion decides who trust goes to

29
Q

Qualified terminator interest trust (QTIP)

A

Used when person has children that are not his from marriage

30
Q

Personal representative

A

Pays debts and expenses collect and distribute assets. Assigned by court.

31
Q

Executor

A

Pays debts and expenses, collect and distribute assets. Assigned by will

32
Q

Investigator

A

Nurse or other health professional assigned to interview incompetent

33
Q

Bond

A

Insurance that reimburses estate

34
Q

Ward

A

Person who is incompetent or minor. Conservatory and guardian are assigned to

35
Q

Letters of Appointment

A

Assigns a personal representative to handle all matters

36
Q

Contingent executor

A

Second. Person named in case the primary cannot serve

37
Q

Conservator

A

Assigned to manage incompetence for minors assets

38
Q

Guardian

A

Assigned to manage incompetent or minor

39
Q

Corporate fiduciary

A

Bank

40
Q

Registrar

A

Probate court clerk

41
Q

Probate inventory

A

List of all items and the value of each item included in probate

42
Q

Ancillary administration

A

Where a person has a house but does not live but intends to come back required when decedent has property in more than one state

43
Q

Domicile

A

Where one has a house

44
Q

Digital assets

A

Items stored on the internet

45
Q

Formal administration

A

Formal judicial probate proceedings to decide if there is a valid will

46
Q

Informal administration

A

Administration of probate usually done by a probate court clerk

47
Q

Supervised administration

A

Court supervised administration of probate

48
Q

Fair market value

A

What one person is willing to sell an item at four and another person is willing to buy it for.

49
Q

Small estate settlement

A

Less than $100,000 in real property. Less than $75,000 in personal property.

50
Q

Form 1040

A

Living person tax form

51
Q

Testamentary trust

A

Part of Testator’s will that only becomes effective upon the testator death

52
Q

Revocable trust

A

Truster has the right to change a man or terminate the trust

53
Q

Trustor

A

Person who establishes the trust

54
Q

Trustee

A

Person or legal entity to which the truster gives legal title to the trust or property

55
Q

Resulting trust

A

Arises by operation of law when a trust fails

56
Q

Termination of trust

A

When purpose has been for fulfilled

57
Q

Legal title

A

Trustee

Owner of property

58
Q

Equitable title

A

Beneficiary.

Right of enjoyment

59
Q

Appointment - letters of Appointment, letters testamentary

A

Gives personal representative the authority to act as the representative in all matters regarding the estate

60
Q

Removal

A

Mismanagement of the estate, breach of fiduciary duties, and violation of court orders

61
Q

Discharge

A

After the estate has been administered and the pr has performed all duties they are released

62
Q

Duties

A

Locate will, notify post office, get tax ID, open estate bank account, give notice to heirs and beneficiaries, give notice to creditors, notify parties, search for assets, sell real estate, obtain copies of records, establish value of stocks and bonds, wind down business, fill out paperwork, notify social security, determine claims, prepare inventory, determine priority of payments, keep records, arrange burial, close bank accounts, cancel utilities, arrange for care of spouse, cancel credit cards, clean house, pay debts, manage assets, file tax returns, distribute estate

63
Q

Holographic will

A

Handwritten

63
Q

Charitable trust or public trusts

A 
Trust set up to benefit the public at large rather than an individual
Religious, scientific, charitable, literary, or educational
Must intend to create public trust
Indefinite class poor children.
64
Q

Public trust

A

Another name for charitable trust

65
Q

Charitable remainder trust

A

Trust set up to benefit Beneficiaries, upon the death of the beneficiaries the principal is distributed to a charity

66
Q

Special needs trust

A

Benefits a person with disabilities

Probate (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions