The Probate Process - Review Questions Flashcards
When most people think of probate court, they think about the probate of the estates of the decedents. What are three other major areas of focus for the probate process?
Probate of estates and the supervision of trusts
Guardianships and conservatorships
Commitment of the mentally ill
For the personal representative of either the testate or intestate estate, what does administration usually involve?
An inventory of all probate assets, payment of creditors’ claims, and distribution of the probate estate according to the terms of the decedent’s will, or according to the laws of intestacy, if the decedent dies without a will.
What are the common reasons for probate settlement?
The common reasons for probate settlement are judicious settlement of beneficiaries’ disputes in the probate court and provision of legal titleholder to the client.
What does the provision of legal titleholder do?
The provision of legal titleholder helps to avoid property or title disputes.
Can a will dispose of real property of the decedent located in a state other than that of the decedent’s residence?
Yes, a valid will can be used to dispose of separately-owned assets wherever the assets are located. However, in order to dispose of real estate which the decedent owned as a separate asset, the estate will be subject to an additional procedure.
What additional procedure is required to dispose of real estate of the decedent that is located in a state other than that of the decedent’s residence?
Ancillary probate procedure is required to dispose of real estate of the decedent that is located in a state other than that of the decedent’s residence. Ancillary probate is needed if property is located in more than one state even if the decedent did not execute a will.
Which of the following is subject to probate?
1) Property held as Joint Tenant with Right of Survivorship
2) An IRA with the decedent’s daughter named as the beneficiary
3) A life insurance policy with the proceeds payable to the decedent’s estate
4) Assets held in the name of the decedent’s Revocable Trust
3) A life insurance policy with the proceeds payable to the decedent’s estate
Which of the following is not a reason to avoid probate?
1) The cost associated with the probate process
2) When a will is probated, it is a private document and only heirs have the ability to view it
3) The probate process can be lengthy and subject to time delays
2) When a will is probated, it is a private document and only heirs have the ability to view it
John owns the following assets:
Which of the following assets will be subject to probate?
1) A 401k worth $500,000
2) A car owned in his individual name
3) A stock portfolio worth $1,000,000 held in his revocable trust
4) A savings account held in his name
5) A checking account held in JTWROS with his spouse
2) A car owned in his individual name
4) A savings account held in his name
Which of the following is not subject to probate and does not require consent of others to transfer ownership?
1) Individual Owner
2) Joint Tenancy With Right of Survivorship
3) Tenants by the Entirety
4) Tenants in Common
2) Joint Tenancy With Right of Survivorship
Which of the following is not a characteristic of the probate process?
1) The probate estate most likely requires an inventory of all assets that are subject to probate
2) Letters testamentary are given by the probate court giving authority to act on behalf of the estate
3) If the descendent dies intestate, the will must be filed with the probate court
4) Ancillary probate is required when the decedent owned individual property in a state other than their state of
residence
3) If the descendent dies intestate, the will must be filed with the probate court
Which of the following avoids probate?
1) Community property passing to the surviving spouse
2) Property held as a Tenant in Common
3) A life Insurance policy owned by the decedent who is not the insured, whose son is named as the beneficiary
4) Property titled Tenancy by the Entirety
4) Property titled Tenancy by the Entirety
