Decedent's Estate: Definition, Components, and Legal Framework

Question 1

Which of the following is not considered an asset of a decedent's estate?

Accepted Answer

Unpaid debts owed by the decedent at the time of death

Answer

Real property owned by the decedent at the time of death

Answer

Personal property owned by the decedent at the time of death

Answer

Contractual rights held by the decedent at the time of death

Question 2

Which of the following is **not** considered part of a decedent's estate?

Accepted Answer

Assets owned by the surviving spouse

Answer

Real estate

Answer

Tangible personal property

Answer

Intangible assets like stocks and bonds

Question 3

Who is typically responsible for administering a decedent's estate?

Accepted Answer

The executor or administrator

Answer

The heirs or beneficiaries

Answer

The probate court

Answer

The surviving spouse

Question 4

What is the legal process by which a will is validated and formally accepted by the court?

Accepted Answer

Probate

Answer

Intestacy

Answer

Administration

Answer

Distribution

Question 5

In the absence of a valid will, how is a decedent's estate typically distributed?

Accepted Answer

According to the state's intestacy laws

Answer

According to the wishes of the heirs or beneficiaries

Answer

According to the instructions of the probate court

Answer

Equally among the surviving family members

Question 6

Which of the following is a fundamental difference between a will and a trust?

Accepted Answer

Wills take effect after death, while trusts can be amended or revoked during the grantor's life

Answer

Trusts provide more privacy than wills

Answer

Wills are more complex to create than trusts

Answer

Wills are typically used to manage larger estates than trusts

Question 7

What is the primary purpose of a durable power of attorney for health care?

Accepted Answer

To authorize someone to make medical decisions on your behalf in case of incapacity

Answer

To transfer ownership of your assets to a trusted individual

Answer

To establish a trust to manage your finances after your death

Answer

To revoke your will

Question 8

Which legal document allows a person to distribute their assets after death and avoid probate?

Accepted Answer

Trust

Answer

Will

Answer

Living will

Answer

Power of attorney

Question 9

What is the primary fiduciary duty owed by an executor or administrator of a decedent's estate?

Accepted Answer

To act solely in the best interests of the beneficiaries

Answer

To follow the decedent's wishes as expressed in their will or trust

Answer

To maximize the value of the estate

Answer

To avoid any personal conflicts of interest

Question 10

Which legal process oversees the administration and distribution of a deceased individual's estate?

Accepted Answer

Probate, the legal process overseeing estate administration and distribution

Answer

Equitable distribution among beneficiaries

Answer

Intestacy, which dictates distribution in the absence of a will

Answer

Primogeniture, where the eldest child inherits the entire estate

Question 11

Improved: Which of the following is a defining characteristic of a decedent's estate?

Accepted Answer

Improved: Includes all property owned by the decedent at the time of death

Answer

Unchanged: Only distributed according to a valid will

Answer

Unchanged: Subject to both state and federal taxes

Answer

Unchanged: Passes automatically to the surviving spouse

Question 12

Improved: What is the legal process called that involves administering a decedent's estate?

Accepted Answer

Improved: Probate

Answer

Unchanged: Administration

Answer

Unchanged: Settlement

Answer

Unchanged: Distribution

Question 13

Improved: Which of the following is not considered a component of a decedent's estate?

Accepted Answer

Improved: Income earned after the decedent's death

Answer

Unchanged: Real property

Answer

Unchanged: Personal property

Answer

Unchanged: Debts

Question 14

Improved: What is the legal principle that governs the distribution of property when a person dies without a will?

Accepted Answer

Improved: Intestacy

Answer

Unchanged: Probate

Answer

Unchanged: Escheat

Answer

Unchanged: Dower

Question 15

Improved: What is the key distinction between a revocable and an irrevocable trust?

Accepted Answer

Improved: A revocable trust can be modified or terminated by the grantor, while an irrevocable trust cannot

Answer

Unchanged: An irrevocable trust offers greater tax benefits than a revocable trust

Answer

Unchanged: Revocable trusts are more common than irrevocable trusts

Answer

Unchanged: There is no difference between a revocable and an irrevocable trust

Question 16

Which of the following is NOT a component of a decedent's estate?

Accepted Answer

Contractual obligations

Answer

Real property

Answer

Personal property

Answer

Probate assets

Question 17

When a person dies without a valid will, their estate is distributed according to:

Accepted Answer

Intestacy

Answer

Probate

Answer

Testamentary disposition

Answer

Escheat

Question 18

Which type of trust is used to manage assets during the lifetime of the grantor and distribute them after their death?

Accepted Answer

Revocable trust

Answer

Irrevocable trust

Answer

Testamentary trust

Answer

Charitable trust

Question 19

What is the primary role of an executor in estate administration?

Accepted Answer

To distribute assets to beneficiaries

Answer

To represent the decedent's interests

Answer

To prepare tax returns

Answer

To contest the validity of the will

Question 20

What is the purpose of a codicil?

Accepted Answer

To amend an existing will

Answer

To create a new will

Answer

To revoke an existing will

Answer

To appoint a new executor

Question 21

Which of the following is NOT a characteristic of a testamentary trust?

Accepted Answer

It is irrevocable during the testator's lifetime

Answer

It is created by a will

Answer

It takes effect upon the testator's death

Answer

It is managed by a trustee

Question 22

Among the following, which is NOT considered a fiduciary duty of an executor or administrator of a decedent's estate?

Accepted Answer

Duty of impartiality

Answer

Duty of care

Answer

Duty of loyalty

Answer

Duty to account

Question 23

[Clarity and Precision] What term describes the situation when an individual passes away without creating a valid will?

Accepted Answer

[Revised] Intestacy

Answer

[Revised] Probate

Answer

[Revised] Administration

Answer

[Removed] Escheat

Question 24

[Clarity and Precision] According to US law, which of the following is NOT an essential requirement for a legally valid will?

Accepted Answer

[Revised] Notarization

Answer

[Revised] Testator's signature

Answer

[Revised] Witness signatures

Answer

[Revised] Attestation clause

Question 25

[Clarity and Precision] What is the primary purpose of a probate court in the administration of a decedent's estate?

Accepted Answer

[Revised] To validate the will and appoint an executor

Answer

[Revised] To distribute the estate's assets to beneficiaries

Answer

[Revised] To resolve any disputes or claims against the estate

Answer

[Removed] To manage the estate's investments

Question 26

[Clarity and Precision] In an intestate estate, what factor determines the order of priority for distributing assets?

Accepted Answer

[Revised] Relationship to the decedent

Answer

[Revised] Decedent's age

Answer

[Revised] Marital status of beneficiaries

Answer

[Removed] Economic need of beneficiaries

Question 27

In the absence of a valid will, how does the law determine the distribution of assets during intestacy?

Accepted Answer

State laws govern the distribution of assets.

Answer

Assets are automatically forfeited to the state.

Answer

The distribution of assets is based solely on the size of the estate.

Answer

Assets are distributed equally among all surviving family members.

Question 28

Explain the key differences between probate and administration of a decedent's estate.

Accepted Answer

Probate is the process of distributing a decedent's assets according to their will, while administration is the process of distributing assets without a will.

Accepted Answer

Administration is only necessary if the decedent dies intestate.

Answer

Probate is required for estates with significant assets, while administration is sufficient for smaller estates.

Answer

Probate is more streamlined and less expensive than administration.

Question 29

Which of the following is explicitly excluded from a decedent's estate?

Accepted Answer

Property owned by a living person

Answer

Personal property, such as jewelry and furniture

Answer

Real property, such as land and buildings

Answer

Intangible property, such as stocks and bonds

Question 30

According to the law of intestacy, who has the highest priority to inherit the estate of a person who dies without a valid will?

Accepted Answer

The surviving spouse and children

Answer

The state

Answer

The decedent's parents

Answer

The decedent's siblings

Question 31

What is the primary objective of the probate process?

Accepted Answer

To administer the decedent's estate and distribute it to beneficiaries, as directed by the will or in accordance with the law of intestacy.

Answer

To determine the validity of the decedent's will

Answer

To appoint a personal representative for the estate

Question 32

Which of the following is a potential obligation of a decedent's estate?

Accepted Answer

Debts of the decedent

Answer

Taxes owed by the decedent's heirs

Answer

Personal expenses of the personal representative

Answer

Legal fees incurred by the decedent's spouse

Question 33

In most jurisdictions, what is the typical timeframe for filing a claim against a decedent's estate?

Accepted Answer

It varies by jurisdiction.

Answer

Five years after the decedent's death

Answer

One year after the decedent's death

Question 34

What is the primary role of the court in the administration of an estate?

Accepted Answer

To supervise the personal representative and ensure compliance with legal requirements.

Answer

To resolve disputes among heirs

Answer

To determine the specific distribution of assets to beneficiaries

Question 35

At what point does a decedent's estate come into existence?

Accepted Answer

Upon the decedent's death

Answer

Upon the appointment of an executor or administrator

Answer

Upon the filing of a petition for probate

Answer

Upon the distribution of assets to beneficiaries

Question 36

What is the purpose of an intestacy proceeding?

Accepted Answer

To distribute the decedent's estate according to applicable state law in the absence of a will

Answer

To appoint an executor or administrator

Answer

To determine the validity of a will

Question 37

What is a will's primary function in the administration of a decedent's estate?

Accepted Answer

To express the decedent's wishes regarding the distribution of their property

Answer

To appoint an executor or administrator

Answer

To avoid probate

Question 38

What is the primary responsibility of an executor or administrator of a decedent's estate?

Accepted Answer

To administer the estate according to the decedent's wishes or the applicable law

Answer

To file tax returns for the estate

Answer

To distribute the estate's assets to beneficiaries

Question 39

What is the purpose of filing a petition for probate?

Accepted Answer

To initiate the probate process and potentially appoint an executor or administrator

Answer

To determine the validity of a will

Answer

To distribute the decedent's assets to beneficiaries

Question 40

What is the fundamental purpose of estate planning?

Accepted Answer

To ensure the orderly distribution of a person's assets after their death according to their wishes

Answer

To reduce taxes

Answer

To avoid probate

Question 41

What is the most accurate definition of a decedent's estate?

Accepted Answer

All the property owned by the decedent at the time of death

Answer

The property acquired by an heir or beneficiary upon the decedent's death

Answer

The assets and liabilities of a living person

Question 42

Which of the following is not a component of a decedent's estate?

Accepted Answer

Earnings the decedent may have acquired after death

Answer

Real property owned by the decedent

Answer

Bank accounts held by the decedent

Answer

Personal belongings possessed by the decedent

Question 43

What is the legal process through which a decedent's estate is administered?

Accepted Answer

Probate

Answer

Will

Answer

Intestacy

Answer

Trust

Question 44

What occurs when a decedent dies without leaving a valid will?

Accepted Answer

Intestacy

Answer

Administration

Answer

Probate

Answer

Escheat

Question 45

What is the purpose of a personal representative in estate administration?

Accepted Answer

To carry out the instructions of the decedent's will or the intestacy laws and manage their estate

Answer

To serve as a legal advocate for the heirs and beneficiaries

Answer

To challenge the validity of the will

Question 46

What is the primary goal of estate administration?

Accepted Answer

To distribute the decedent's assets according to their wishes and applicable laws

Answer

To reduce the tax liability of the estate

Answer

To minimize probate fees and expenses

Question 47

Which of the following is NOT a potential challenge to the administration of a decedent's estate?

Accepted Answer

The existence of a valid will

Answer

Claims from creditors

Answer

Challenges to the will's validity

Answer

Disputes among heirs and beneficiaries

Question 48

What is the significance of an inventory in the administration of a decedent's estate?

Accepted Answer

To provide a detailed listing of the decedent's assets and liabilities

Answer

To distribute the estate's assets to beneficiaries

Answer

To establish the value of the estate for tax reporting

Question 49

Which of the following is NOT considered a component of a decedent's estate?

Accepted Answer

Property held in a revocable living trust

Answer

Bank accounts

Answer

Real property

Answer

Insurance policies

Question 50

Which of the following is a circumstance that triggers intestacy?

Accepted Answer

The decedent died without a valid will

Answer

The decedent's will was destroyed

Answer

The decedent's will was contested

Answer

The decedent's will was revoked

Question 51

What is the primary purpose of a will?

Accepted Answer

To direct the distribution of a decedent's property after death

Answer

To avoid probate

Answer

To minimize estate taxes

Question 52

Which of the following is NOT a characteristic of a valid trust?

Accepted Answer

Revocability

Answer

Designated beneficiaries

Answer

A trustee

Answer

A specific purpose

Question 53

What is the difference between probate and administration?

Accepted Answer

Probate involves a will, while administration does not

Answer

Probate is for larger estates, while administration is for smaller estates

Answer

Administration involves a will, while probate does not