U.S. Estate Administration Terminology

15 Points Per Correct Answer - No time limit  

1. It is important to understand the difference between probate property and non-probate assets, since non-probate property is not subject to estate administration and cannot be taken by creditors. Which of the following is an example of non-probate property? Inter vivos and Totten trusts Testamentary trusts Veterans Administration benefits Income tax refunds

2. There are three different kinds of concurrent property ownerships that have the right of survivorship, meaning that the deceased person's interest in a property immediately passes to the surviving tenants involved in the ownership, rather than being subject to probate court. Which of the following does NOT have the right of survivorship? Tenancy by the Entirities Joint Tenancy Tenancy in Common Survivorship Marital Property

3. If a person dies with a will they are considered to be 'testate' and if they die without a will they are referred to as being 'intestate.' However, what is it called with a person dies and has no surviving blood relatives (or a spouse) to inherit the estate? escheat dower defeasance pur autre vie

4. If your grandmother is considered a lineal ascendant and your daughter is considered a lineal descendant, what are your cousins, siblings, aunts/uncles, and nephews/niece referred to as? half-blood relative/heir affinity relatives/heirs collateral relatives/heirs same-generation ascendant

5. Many people may live in several different states throughout their lifetime, but it is their "domiciliary state" where the probate process is executed after their death. However, if a person has real property in a state that is NOT their domicile state, the probate for that property must be done in the state where the real property is located. This type of probate administration is referred to as _________? cash surrender value reversionary interest estate equalization ancillary

6. A(n) ______________ will is one that has been written in the testator's (decedent's) own handwriting and doesn't require any witnesses, whereas a(n) ___________ will is defined as an "oral will" that is not written down at all. nuncupative; holographic ambulatory; holographic holographic; nuncupative nuncupative; ambulatory

7. If a person dies without a will ("intestate"), then their property is distributed to their heirs (blood relatives). What kind of property distribution is not divided equally, but rather is distributed based upon the heir's relationship to the decedent and is considered to distributed "by representation?" per capita distribution testamentary devise distribution residuary estate distribution per stirpes distribution

8. While states vary slightly on the required elements of a legal and valid will, almost all states agree to a few basic terms. Which of the following is NOT a general requirement of a general valid and legal will? signed and dated by the testator (decedent) be 18+ years old and be of sound mind witnessed and signed by witnesses must be notarized by a notary public

9. This person is called upon to create a joint tenancy between the existing owner of a property and other people. The existing owner transfers the deed to this person and this person then immediately reconveys a second deed back to the original owner and the other additional owners. What is this person called? administrator/administratrix remainderman strawman executor/executrix

10. There is one kind of freehold estate that is the largest, best, and most extensive estate that can be held in real property. The owner is not limited in the duration of their ownership in the property and they are also not limited in the way that they may choose to gift, dispose of, or alter their ownership of the estate. What kind of estate does this describe? fee simple/fee simple absolute leasehold estate estate for years curtesy estate