Deck 13: Probate and Estate Administration

Question 1

When transferring real estate assets,it is the responsibility of the paralegal to prepare the Report of Sale of Land at Private Sale Under Order for Sale.

Answer 1

True

Question 2

Under the Uniform Probate Code UPC),formal probate is conducted under the supervision of a judge without notice to interested persons.

Answer 2

False

Question 3

All states are required to adopt the Uniform Probate Code UPC).

Answer 3

False

Question 4

If a decedent leaves real property in another state,the paralegal will need to check the foreign state's statutes to determine the qualifications and residency requirements of the ancillary administrator.

Question 5

Creditors can contest a will,but they cannot challenge the appointment of a personal representative.

Question 6

MATCHING

An estate that consists entirely of statutorily exempt property or allowances and funeral and administration expenses and is within a certain limited monetary value

Question 7

Summary Administration is allowed for certain small estates.

Question 8

MATCHING

The right of a person to commence a lawsuit

Question 9

MATCHING

A form of administration that is generally limited to small estates that have survivors,which include a spouse and minor children,and insufficient assets to pay all creditors

Question 10

MATCHING

Beneficiaries or heirs and creditors of the decedent

Question 11

Prior to a hearing,a paralegal might be asked to assemble data on nonprobate property.

Question 12

The personal representative may personally profit from estate transactions.

Question 13

MATCHING

A filing with the court that a person seeking appointment as personal representative uses when there is no will

Question 14

MATCHING

An identification of the fiduciary responsible for preparing the fiduciary income tax return and for paying any tax due

Question 15

A personal representative is required to file for a federal employer identification number.

Question 16

MATCHING

A form of estate administration used in a few states that is essentially free of court supervision or intervention

Question 17

MATCHING

A court order that fixes a date,time,and place for hearing the petition to prove a will or for administration; the petitioner is required to give notice of the hearing to all interested persons

Question 18

MATCHING

A market-based valuation of a decedent's real or personal property by a recognized expert

Question 19

Probate and estate administration are the only methods of settling an estate.

Question 20

MATCHING

A complete physical check of all probate assets owned by the decedent and a detailed listing of these and their estimated fair market value at the time of the decedent's death

Question 21

Which is NOT a way that the paralegal assists the personal representative?

A)Petitioning for probate when no will exists
B)Arranging for publication of the Notice of Order for Hearing and Affidavit of Mailing Notice to all interested persons
C)Identifying and reviewing objections and arranging for the appearance of witnesses
D)Mailing a notice of rights to the spouse and minor children

Question 22

Estate administration may NOT be needed if:

A)An estate is classified as a small estate
B)The decedent has individually owned property in the possession of a third party
C)There are outstanding creditors' claims
D)There is property in registered form

Question 23

Checks from the estate checking account do all of the following EXCEPT:

A)Act as a credit account until estate funds are released
B)Establish a record of all payments and distributions
C)Serve as evidence and verification of payment of taxes
D)Act as creditors' admissions of payment

Question 24

Which procedure occurs during the final account and closing of the estate phase?

A)The computation and filing of a state inheritance tax return or waiver
B)The hearing on creditors' claims and payment of allowed or approved claims
C)The opening of the safe deposit box
D)Notice to creditors

Question 25

When settling a small estate,Collection by Affidavit is generally allowed in all of the following situations EXCEPT:

A)When two days have passed since the death of the decedent
B)When the value of the entire estate does not exceed the state's maximum limit
C)When the claiming beneficiary is legally entitled to inherit the decedent's estate
D)When no application or petition for the appointment of a personal representative is pending or has been granted

Question 26

The probate court has the power and authority to do all of the following EXCEPT:

A)Create a will if none exists
B)Determine and verify the statutory rights of a spouse
C)Supervise the guardianship of minors
D)Establish the validity of a will and appoint a personal representative

Question 27

When petitioning for administration when no will exists,which of the following is a duty of the paralegal?

A)Ensuring that the petition and death certificate are filed
B)Filing the Affidavit of Publication
C)Collecting all information needed to complete and execute the petition for probate of will
D)Arranging for witnesses to appear in court to testify on behalf of the testator

Question 28

To establish jurisdiction,the petition to prove a will must generally include:

A)The original will
B)The estimated value of the real and personal nonprobate assets
C)The amount of debts paid prior to the death of the decedent
D)The decedent's place of birth

Question 29

Which will NOT be issued by the court during the special administration process?

A)Inventory and Appraisal of the personal property of the decedent
B)Order Approving the Final Account and Report of the Special Administrator
C)Letters of Special Administration
D)Order Granting Special Administration

Question 30

The primary purpose of the Uniform Probate Code UPC)is to:

A)Provide an alternate system that establishes uniform law
B)Increase the time required to administer an estate
C)Make estate administration more expensive
D)Make the laws more complex so that administration is more involved