ADVANCED ACCT.,SEL.CH.-W/ACCESS>CUSTOM<
14th Edition
ISBN: 9781307566574
Author: Hoyle
Publisher: MCG
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Chapter 19, Problem 5P
To determine
Identify the correct option out of the given statements.
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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.
Which 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.
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.
Chapter 19 Solutions
ADVANCED ACCT.,SEL.CH.-W/ACCESS>CUSTOM<
Ch. 19 - Prob. 1QCh. 19 - Prob. 2QCh. 19 - Prob. 3QCh. 19 - Prob. 4QCh. 19 - Prob. 5QCh. 19 - Prob. 6QCh. 19 - Prob. 7QCh. 19 - Prob. 8QCh. 19 - What claims against an estate have priority?Ch. 19 - Prob. 10Q
Ch. 19 - Prob. 11QCh. 19 - Prob. 12QCh. 19 - Prob. 13QCh. 19 - How is the federal estate tax computed?Ch. 19 - Prob. 15QCh. 19 - Prob. 16QCh. 19 - Prob. 17QCh. 19 - Prob. 18QCh. 19 - Prob. 19QCh. 19 - Prob. 20QCh. 19 - Prob. 21QCh. 19 - Prob. 22QCh. 19 - Prob. 23QCh. 19 - Prob. 24QCh. 19 - Prob. 25QCh. 19 - Prob. 26QCh. 19 - Prob. 27QCh. 19 - Prob. 28QCh. 19 - Prob. 29QCh. 19 - Prob. 30QCh. 19 - Prob. 1PCh. 19 - Prob. 2PCh. 19 - Prob. 3PCh. 19 - Prob. 4PCh. 19 - Prob. 5PCh. 19 - Prob. 6PCh. 19 - Prob. 7PCh. 19 - Prob. 8PCh. 19 - Prob. 9PCh. 19 - Prob. 10PCh. 19 - Which of the following is a specific legacy? a....Ch. 19 - Prob. 12PCh. 19 - Prob. 13PCh. 19 - Prob. 14PCh. 19 - Prob. 16PCh. 19 - Prob. 21PCh. 19 - Prob. 22PCh. 19 - Prob. 23PCh. 19 - Prob. 24PCh. 19 - Prob. 25PCh. 19 - Prob. 26PCh. 19 - Prob. 27PCh. 19 - Prob. 28PCh. 19 - Prob. 29PCh. 19 - Prob. 30PCh. 19 - Prob. 31PCh. 19 - Prob. 32PCh. 19 - Prob. 33PCh. 19 - Prob. 34PCh. 19 - Prob. 35P
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- 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_forwardWhich of the following are characteristics of the probate process? It provides for distribution of property to the ultimate beneficiary in a quick and timely manner. It provides an orderly procedure for the filing and payment of claims. It provides for systematic administration of the decedent's probate estate. It provides for administration of the decedent's estate with the details only available to the public on a strictly need to know basis. A) I and II B) III and IV C) I and IV D) II and IIIarrow_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
- Which of the following methods will NOT achieve the client's goal of distributing property at death to the desired persons? A)Intestacy B)A trust C)A will D)A will substitutearrow_forwardWhat 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.arrow_forwardWhat is the objective of the process of abatement? To give legal structure to the reductions that must be made if an estate has insufficient assets to satisfy all legacies. To ensure that all property distributions take place in a timely manner. To provide adequate compensation for the estate executor and any appraisers or other experts that must be hired. To ensure that all legacies are distributed to the appropriate party as specified by the decedent’s will or state laws.arrow_forward
- 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.arrow_forwardWhich of the following is not a true statement?a. Testate refers to a person having a valid will.b. The laws of descent convey personal property if an individual dies without a valid will.c. Intestate refers to a person having no valid will.d. A specific legacy is a gift of personal property that is specifically identified.arrow_forwardUnder 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.arrow_forward
- What guidelines must be followed to classify a transaction as associated with the principal of an estate or as an income transaction? Select one: a.The decedent's intentions or state laws b.Generally accepted accounting principles c.The Internal Revenue Code d.State estate laws e.Federal estate lawsarrow_forwardFor 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 IIarrow_forwardAn administrator of an estate differs from an executor of a will in that an administrator a. has fiduciary responsibility for real property. b. has fiduciary responsibility for personal property. c. has fiduciary responsibility in a testate distribution. d. is appointed by the court.arrow_forward
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