Week 12 Class Notes - Test 2

Question 1

Family agreements can alter (1). This is called (2). A (3) is different–it must be (4) and results from (5) following a (6).

Answer 1

1. how a will is divided
2. taking against the will
3. will compromise
4. approved by the cour
5. negotiation
6. will contest

Question 2

If a family needs money while the estate is probated, the family may get money from the (1)–this is called a (2). This usually happens, for example, when there is (3). These are (4) and (5) over all claims except (6), BUT it does count against the (7).

Answer 2

1. estate
2. family allowance
3. value in land but not a lot of cash
4. exempt
5. take priority
6. attorneys’ fees
7. shares passing to the spouse/children

Question 3

If property is less than (1), there is no need for a (2)–the money can go directly to the minor’s guardian.

Answer 3

1. $10,000

2. conservatorship

Question 4

2 options if an heir is missing

Answer 4

1. give the money to the Department of Revenue (allows the estate to be closed)
2. set up a conservatorship

Question 5

Closing an informal-probate estate requires a (1) and (2). There is no (3) but the estate also will not be closed for (4) and the personal rep. will be liable for (5). It is not necessary in this type of closing to (6), but it is good practice.

Answer 5

1. petition to close the estate
2. statement
3. judge
4. one year
5. 6 months
6. send copies (of petition and statement) to heirs

Question 6

In formal and supervised-probate estates, closing requires (1). Once the (2), the estate is closed.

Answer 6

1. copies of petition and statement be sent to heirs

2. judge signs off

Question 7

Each heir has (1) after (2) to contest. If more assets are found in an estate, a (3) may be filed.`

Answer 7

1. 4 months
2. receiving notice of probate
3. motion to re-open the estate

Question 8

The (1) for an estate must get an (2) because the estate is a taxable entity and will file a (3). The personal rep. is responsible for the taxes of the (4) AND the (5)–if not done properly, he is (6).

Answer 8

1. personal representative
2. EIN
3. tax return
4. decedent
5. estate
6. liable for penalties

Question 9

The decedent’s tax return must be filed within (1) of (2), and will run from (3). Alternatively, the personal rep. may file a (4) IF (5).

Answer 9

1. 3.5 months
2. death of the decedent
3. the beginning of the year to the decedent’s death
4. joint return with the decedent’s surviving sprouse
5. the surviving spouse has not remarried