8-4 Probate and Estates

What is probate and estate law primarily concerned with?

• Enforcing criminal law

• Handling divorce settlements

• Creating business contracts

• Managing and distributing a person's property after death

What is an estate?

• A type of legal document

• The total property owned by an individual at the time of death

• A government tax on inheritance

• A court process for settling disputes

What happens if a person dies intestate?

• Their property is distributed according to their will

• Their property is donated to charity

• Their property is distributed according to state intestacy laws

• Their property is seized by the government

What is a living trust?

• A trust that takes effect after the trustor's death

• A trust that is effective during the trustor’s lifetime

• A type of will

• A legal document for medical decisions

What is a codicil?

• A power of attorney

• A court order

• A legal document used to modify an existing will

• A type of trust

What is the role of an executor?

• To contest a will

• To manage and distribute a deceased person's estate

• To act as a legal advisor

• To create a will

What is a durable power of attorney?

• A document that gives authority to act on behalf of the principal, remaining in effect even if the principal becomes incapacitated

• A document that expires once a specific task is completed

• A document that is only valid for a limited time

• A document that only applies to medical decisions

What is the first step in the probate process?

• Distributing the assets

• Notifying everyone with a legal interest in the estate

• Paying creditors and tax authorities

• Creating an inventory of the deceased's assets

Who is a beneficiary?

• A person or organization that benefits financially from a will, trust, or insurance policy

• A person who creates a will

• A person who manages a trust

• A person who contests a will

What is the purpose of estate planning?

• To create business contracts

• To prepare and make arrangements for the distribution of an individual's property after their death

• To manage real estate properties

• To avoid paying taxes