Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN: 9780357033609
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Question
Chapter 15, Problem 3FPE
Summary Introduction
To explain: The qualifications and understanding required by an individual to perform as an executor of estate.
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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.
If you were to become an executor of my estate, how would you value my prized Pete Rose rookie card in mint condition? Would you sell it? Would you give it to my heirs?
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.
Chapter 15 Solutions
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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Similar questions
- What 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_forwardIn the context of estate planning, it is correct to say that: * Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death. State laws always determine the distribution of our estate after our death. Once we cannot predict the future, we should plan our estate only a little before our death. The executor is a person who assumes responsibility for providing childrem with personal care and managing the deceased's estate for them.arrow_forwardWhich 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 planarrow_forward
- Discuss the ethical implications of the estate, inheritance, and gift taxes.arrow_forwardUnder 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.arrow_forwardAnswer each of the following questions: What are the objectives of probate laws? What tasks does the executor of an estate perform? What assets are normally included as estate properties? What claims have priority to the distributions made by an estate?arrow_forward
- Simon and Diana have asked Simon's brother Jeff to look after their estate administration in the event of their passing. What is the title that would apply to Jeff if they both pass before their Will(s) are signed and witnesses? 1) Executor 2) Administrator 3) Attorney 4) Guardianarrow_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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ISBN:9780357033609
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Publisher:Cengage Learning