Administration Of Wills/Trusts/ And Estates
5th Edition
ISBN: 9781285281308
Author: Brown
Publisher: Cengage
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Which of the following are interests that must go through probate?
A residence that goes to the decedent's spouse and children according to the intestate succession statute
Shares of stock bequested to the decedent's brother
A bond that is community property, which passes to the surviving spouse
Life insurance proceeds payable to the decedent's spouse
A)
I and IV
B)
I, II, and III
C)
II only
D)
II and III
45.
Michelle lives in a state that allows use of a beneficiary deed to transfer property at death. She owns her home in her sole name. She wants this asset to go to Bertram, her only child, at her death.
Which one of the following is a correct statement regarding use of a beneficiary deed in this situation?
A)
A beneficiary deed can only transfer personal property at death.
B)
She will incur gift tax if she records the deed.
C)
If she uses a beneficiary deed, she will not be able to live in the house until her death.
D)
If Bertram predeceases her, Michelle will be able to name another beneficiary to receive title to the home at her death.
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.
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- 49 Nicanor, in his will, devised a property to Inday who incidentally is also a witness to his will. In this case, the devise or legacy to Inday shall be distributed upon death under Group of answer choices Estate Taxation Testamentary Succession Mixed Succession Legal or Intestate Successionarrow_forwardYour client and his wife plan to purchase a new home. They want a form of property ownership that: will transfer title at death outside the probate process; will allow each spouse, while alive, to have a vested one-half interest in the property; guarantees that the surviving spouse will receive the property when the other spouse dies; and allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse. Assuming that all the forms of ownership below are available in the state where the property is located, what is the form of titling that will best achieve all of their objectives? A) Community property B) Tenancy by the entirety C) Joint tenants with right of survivorship D) Tenants in commonarrow_forward6. Seo and Urban own property as tenants in common. In the event one of them dies, their title will pass to: -their heirs -the other tenant in common -it will depend on their wills -the state of Washingtonarrow_forward
- 38. Which of the following are interests that must go through probate? A residence that goes to the decedent's spouse and children according to the intestate succession statute Shares of stock bequested to the decedent's brother A bond that is community property, which passes to the surviving spouse Life insurance proceeds payable to the decedent's spousearrow_forwardWhat is the purpose of the laws of distribution? To guide the distribution of personal property when an individual dies without a will. To verify the legality of a will, especially an oral will. To guide the distribution of real property when an individual dies without a will. To outline the functions of the executor of an estate.arrow_forwardWhich 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.arrow_forward
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