Which of the following statements are correct?
I.At death,property may be transferred outside of the will.
II.At death,all property is distributed through the probate process.
III.Probate costs are typically based upon the value of the assets
Transferred through probate.
IV.The named executor will manage the death estate through the
Probate process.

Question

Quizplus · Accepted Answer

I is correct because property can indeed be transferred outside of a will through mechanisms like joint ownership, trusts, and beneficiary designations. III is correct as probate costs often depend on the value of the assets going through the probate process. IV is correct because the named executor (or estate administrator) is responsible for managing the estate through probate. II is incorrect because not all property is distributed through probate; some assets bypass the probate process entirely.

Which of the Following Statements Are Correct