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Probate and Estate Administration

Description: This quiz covers the topic of Probate and Estate Administration, which involves the legal process of managing and distributing the assets of a deceased person.
Number of Questions: 15
Created by:
Tags: probate estate administration wills trusts executors beneficiaries
Attempted 0/15 Correct 0 Score 0

What is the legal process of managing and distributing the assets of a deceased person called?

  1. Probate

  2. Estate Administration

  3. Intestacy

  4. Succession


Correct Option: A
Explanation:

Probate is the legal process of managing and distributing the assets of a deceased person.

What is the legal document that outlines a person's wishes for the distribution of their assets after death?

  1. Will

  2. Trust

  3. Codicil

  4. Estate Plan


Correct Option: A
Explanation:

A will is a legal document that outlines a person's wishes for the distribution of their assets after death.

Who is responsible for carrying out the instructions outlined in a will?

  1. Executor

  2. Administrator

  3. Trustee

  4. Beneficiary


Correct Option: A
Explanation:

An executor is responsible for carrying out the instructions outlined in a will.

What is the legal process of distributing assets to beneficiaries without a valid will?

  1. Probate

  2. Intestacy

  3. Escheat

  4. Administration


Correct Option: B
Explanation:

Intestacy is the legal process of distributing assets to beneficiaries without a valid will.

What is a legal document that transfers ownership of assets to a beneficiary upon the death of the owner?

  1. Will

  2. Trust

  3. Codicil

  4. Transfer on Death Deed


Correct Option: D
Explanation:

A transfer on death deed is a legal document that transfers ownership of assets to a beneficiary upon the death of the owner.

What is the legal process of challenging the validity of a will?

  1. Probate

  2. Intestacy

  3. Will Contest

  4. Escheat


Correct Option: C
Explanation:

A will contest is the legal process of challenging the validity of a will.

What is the legal term for a person who receives assets from an estate?

  1. Executor

  2. Administrator

  3. Trustee

  4. Beneficiary


Correct Option: D
Explanation:

A beneficiary is a person who receives assets from an estate.

What is the legal term for the process of determining the value of an estate's assets?

  1. Appraisal

  2. Valuation

  3. Assessment

  4. Inventory


Correct Option: B
Explanation:

Valuation is the legal term for the process of determining the value of an estate's assets.

What is the legal term for the process of paying off debts and expenses from an estate?

  1. Distribution

  2. Settlement

  3. Liquidation

  4. Administration


Correct Option: D
Explanation:

Administration is the legal term for the process of paying off debts and expenses from an estate.

What is the legal term for the process of distributing assets to beneficiaries after all debts and expenses have been paid?

  1. Distribution

  2. Settlement

  3. Liquidation

  4. Administration


Correct Option: A
Explanation:

Distribution is the legal term for the process of distributing assets to beneficiaries after all debts and expenses have been paid.

What is the legal term for a person who is appointed by the court to manage the estate of a deceased person?

  1. Executor

  2. Administrator

  3. Trustee

  4. Beneficiary


Correct Option: B
Explanation:

An administrator is a person who is appointed by the court to manage the estate of a deceased person.

What is the legal term for a document that amends or changes a will?

  1. Codicil

  2. Amendment

  3. Revocation

  4. Addendum


Correct Option: A
Explanation:

A codicil is a legal document that amends or changes a will.

What is the legal term for the process of transferring ownership of assets from an estate to a beneficiary?

  1. Distribution

  2. Settlement

  3. Liquidation

  4. Conveyance


Correct Option: D
Explanation:

Conveyance is the legal term for the process of transferring ownership of assets from an estate to a beneficiary.

What is the legal term for the process of selling assets from an estate to pay off debts and expenses?

  1. Distribution

  2. Settlement

  3. Liquidation

  4. Administration


Correct Option: C
Explanation:

Liquidation is the legal term for the process of selling assets from an estate to pay off debts and expenses.

What is the legal term for the process of closing an estate and distributing the remaining assets to beneficiaries?

  1. Distribution

  2. Settlement

  3. Liquidation

  4. Administration


Correct Option: B
Explanation:

Settlement is the legal term for the process of closing an estate and distributing the remaining assets to beneficiaries.

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