Under what circumstance does an estate have an executor? Multiple Choice When there is no valid will. When the estate exceeds the dollar amount of the estate tax exemption. When the will establishes a trust fund. When the will is contested. When the will names a specific person to administer the estate.

Under what circumstance does an estate have an executor? Multiple Choice When there is no valid will. When the estate exceeds the dollar amount of the estate tax exemption. When the will establishes a trust fund. When the will is contested. When the will names a specific person to administer the estate.

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter3: A Bundle Of Rights

Section: Chapter Questions

Problem 1CTD

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Under what circumstances does an estate have an executor? Select one: a.When the estate exceeds the dollar amount of the estate tax exemption. b.When the will establishes a trust fund. c.When there is no valid will. d.When the will is contested. e.When the will names a specific person to administer the estate.
Which of the following techniques is commonly used in estate planning to minimize estate taxes? A) Gifting assets to family members shortly before death B) Establishing a trust for beneficiaries C) Transferring assets into a taxable brokerage account D) Not creating a will or estate plan
What is the purpose of the laws of distribution? Choose the correct.a. To guide the distribution of personal property when an individual dies without a will.b. To verify the legality of a will, especially an oral will.c. To guide the distribution of real property when an individual dies without a will.d. To outline the functions of the executor of an estate.
For a decedent who has left a last will and testament, which of the following correctly state issues that may have to be proved in the probate proceeding? Whether the will was validly executed Whether the will disposes of all probate property Whether the decedent's gross estate exceeds the applicable exclusion amount Whether any trusts described in the will are entitled to the marital or charitable deduction A) II and IV B) III and IV C) I, II, and III D) I and II