If after paying debts and expenses, the estate principal is not adequate to satisfy the various legacies, the legacies are satisfied to whatever extent possible through the: a. probate process. b. a property devise. c. abatement process. d. legacy process.
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If after paying debts and expenses, the estate principal is not adequate to satisfy the various legacies, the legacies are satisfied to whatever extent possible through the:
|
a. |
probate process. |
|
b. |
a property devise. |
|
c. |
abatement process. |
|
d. |
legacy process. |
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- What is the process of abatement? Select one: a.The establishment of how the creditors will be paid. b.Payment of the claims of creditors. c.An attempt to determine the deceased's intentions when the terms of the will are unclear. d.Selling of assets included in an estate to be able to pay creditors. e.A reduction of various bequests when the estate is not adequate to satisfy them completely.Which of the following items is not charged against the income of an estate? a. Ordinary repairs to income-producing property b. Expenses incurred to protect income flow c. Loss on the sale of an estate asset d. All of the above are charged against the incomeIn an estate, which of the following is charged to income rather than to principal? Choose the correct.a. Funeral expenses.b. Investment costs.c. Property taxes.d. Losses on the sale of investments.
- What is the objective of the process of abatement? Choose the correct.a. To give legal structure to the reductions that must be made if an estate has insufficient assets to satisfy all legacies.b. To ensure that all property distributions take place in a timely manner.c. To provide adequate compensation for the estate executor and any appraisers or other experts that must be hired.d. To ensure that all legacies are distributed to the appropriate party as specified by the decedent’s will or state laws.Why are claims against an estate put into an order of priority? Choose the correct.a. To help the executor determine the due date for each claim.b. To determine which claims are to be paid if funds are insufficient to pay all claims.c. To assist in determining which specific assets are to be used to satisfy these claims.d. To list the claims in order of age so that the oldest can be paid first.Why are claims against an estate put into an order of priority? To help the executor determine the due date for each claim. To determine which claims are to be paid if funds are insufficient to pay all claims. To assist in determining which specific assets are to be used to satisfy these claims. To list the claims in order of age so that the oldest can be paid first.
- In the initial accounting for an estate, why does the executor record only the assets?Which of the following is not a goal of probate laws? Choose the correct.a. To gather and preserve all of the decedent’s property.b. To ensure that each individual produces a valid will.c. To discover the decedent’s intent for property held at death and then to follow those wishes.d. To carry out an orderly and fair settlement of all debts and distribution of property.One of the following transfers is not included in the gross estate A. Revocable transfer.B. Transfer of property in contemplation of death.C. Transfer of right with reservation and retention of certain rights.D. Transfer of real property for an adequate and full consideration in money.
- In an estate, which of the following is charged to income rather than to principal? Funeral expenses. Investment costs. Property taxes. Losses on the sale of investments.One of the following is not a prerequisite in order that claim against the estate maybe deductible They must be existing against the estate They must be reasonably certain as to amounts They must have been prescribed They must be enforced by the claimantsWhich of the following is not a goal of probate laws? To gather and preserve all of the decedent’s property. To ensure that each individual produces a valid will. To discover the decedent’s intent for property held at death and then to follow those wishes. To carry out an orderly and fair settlement of all debts and distribution of property.