Quiz 9 Vocab - Test 2

Question 1

Probate

Answer 1

“To Prove”. The process that collects and distributes the decedent’s property after payment of all debts.

Question 2

Family allowances

Answer 2

Funds made available by the court to the family to meet reasonable expenses during the administration of the estate.

Question 3

small estate settlement

Answer 3

occurs when the value of the estate assets do not exceed a certain value. In Arizona, to qualify for small estate the assessed value of real property may not exceed $100,000, and the value of all personal property may not exceed $75,000.

Question 4

inventory

Answer 4

a detailed list of the decedent’s property that not only includes each item, but also the value of each item.

Question 5

EIN

Answer 5

Employer Identification number. Obtained from the IRS, every estate is required to have one for tax purposes.

Question 6

abatement

Answer 6

a reduction in the sums or gifts to a beneficiary to pay taxes and debts of the decedent.

Question 7

final accounting

Answer 7

report of all transactions made by the executor or personal representative during the administration of the estate.

Question 8

ancillary administration

Answer 8

Required when the decedent has property in more than one state at the time of death.

Question 9

formal administration (Arizona)

Answer 9

A formal testacy proceeding is litigation to determine whether a decedent left a valid will.

Question 10

inforamal administration (Arizona)

Answer 10

A testacy proceeding for original probate of a will usually handled by a non-judicial court officer, usually a probate court clerk.

Question 11

Supervised administration (Arizona)

Answer 11

Supervised administration is a proceeding to secure complete administration and settlement of a decedent’s estate under the continuing authority of the court

Question 12

Order of discharge

Answer 12

Order releasing executor or personal representative from their obligation and releasing them from duties and barring all future claims against the estate.

Question 13

Registrar (Arizona)

Answer 13

non-judicial position, a court officer, usually a probate clerk.

Question 14

Action in partition

Answer 14

An action to sever the title in land held jointly or as tenants in common so that each heir would own a distinct portion.

Question 15

digital assets

Answer 15

items stored on the internet such as photographs on Facebook, movies, e-books, iTunes.

Question 16

renunciation

Answer 16

heir or devisee declines to accept the bequest left to them by will or statute.