The assets in Dong's estate,including the value of his home on Elm Street and its contents,are insufficient to pay in full all of the gifts provided for in his will.His heirs will receive
A)full payment in order of seniority until the assets are exhausted.
B)nothing-the assets will descend to the state.
C)reduced benefits.
D)the option of distributing the assets according to their wishes.

Question

Quizplus · Accepted Answer

When the assets in an estate are insufficient to pay in full all of the gifts provided for in the will, the heirs will typically receive reduced benefits, meaning that their bequests will be partially fulfilled according to the order of priority determined by state law. This means that some heirs may receive less than they were expecting or may not receive anything at all if there are not enough assets to go around. Option A is not correct because there is no seniority order for heirs in this situation - they are all treated equally according to state law. Option B is not correct because the assets will not automatically descend to the state unless there are no heirs or other beneficiaries named in the will. Option D is not correct because the heirs typically have no say in how the assets are distributed in this scenario, as state law will dictate the order and priority of payments.

The Assets in Dong's Estate,including the Value of His Home