Which of the following is True regarding the evaluation of a deceased's estate for probate purposes?

Question

Quizplus · Accepted Answer

For probate purposes, all capital assets such as investments, savings, and property are listed and valued as of the date of death. This value is used to calculate any taxes or fees owed on the estate.

Answer: B 
 This statement is not true. Registered assets such as retirement accounts, insurance policies, and investment accounts can often be transferred directly to beneficiaries without going through probate. They do not need to be sold and deregistered.

Answer: C 
 This statement is true. The total value of all assets listed in the probate process is used to calculate any taxes owed on the estate.

Answer: D 
 This statement is false. The value of your primary residence is included in probate and is listed as part of the overall value of the estate. However, in certain circumstances, such as if the home is jointly owned with rights of survivorship or if it is transferred to a trust, it may pass outside of probate.

Which of the Following Is True Regarding the Evaluation of a Deceased's