Under what circumstances does an estate have an executor
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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.
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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.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.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.
- 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.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 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
- 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.Answer 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?Statement I: An estate represents the assets of a deceased person after all liabilities and taxes are deducted. Statement II: Real estate planning is the process of developing a plan to administer and distribute assets in a manner consistent with the desires and needs of a deceased person's beneficiaries. Statement II is true. Statement I is true. Statements I and II are false. Statements I and II are true.
- In recording the transactions of an estate, when are liabilities recorded? Choose the correct.a. When incurred.b. At the date of death.c. When the executor takes responsibility for the estate.d. When paid.What is a remainderman? Choose the correct.a. A beneficiary that receives the principal left in an estate or trust after a specified time.b. The beneficiary of the decedent’s life insurance policy.c. An executor or administrator after an estate has been completely settled.d. If a legacy is given to a group of people, the remainderman is the last of the individuals to die.Which 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.
