He or she should have geographical proximity to the major assets of the estate. He or she should not have a personal relationship with estate beneficiaries. He or she should be approximately the same age as the decedent. He or she should be skilled in asset management and financial matters.
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Which of the following are desirable characteristics in a personal representative?
- He or she should have geographical proximity to the major assets of the estate.
- He or she should not have a personal relationship with estate beneficiaries.
- He or she should be approximately the same age as the decedent.
- He or she should be skilled in asset management and financial matters.
Personal representative are needed when there is no will left to settle the property and assets. Main duty of personal representative is to settle the all property related matters.
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- a. What is the difference between distributing property per capita and per stirpes? When would a per stirpes distribution be required? what are two ways in which the duties of an administrator differ from those of an executor? Must the grantor, trustee, and beneficiary of a trust all be different people? What formalities must be followed to create a testamentary trust?An administrator of an estate differs from an executor of a will in that an administrator a. has fiduciary responsibility for real property. b. has fiduciary responsibility for personal property. c. has fiduciary responsibility in a testate distribution. d. is appointed by the court.Statement I: An estate represents the assets of a deceased person after all liabilities and taxes are deducted. Statement II: Real estate planning is the process of developing a plan to administer and distribute assets in a manner consistent with the desires and needs of a deceased person's beneficiaries. Statement II is true. Statement I is true. Statements I and II are false. Statements I and II are true.
- Estate planning is the process by which an individual may determine how his or her assets will be systematically transferred both before and after death to achieve certain goals. The least compelling motive of this process is to C A. B. C. D. Ensure that the owner's intentions are honored. Prevent the forced sale of important assets. Act in accordance with the public policy against excessive accumulation of wealth. Avoid taxes.What is the purpose of the laws of distribution? Choose the correct.a. To guide the distribution of personal property when an individual dies without a will.b. To verify the legality of a will, especially an oral will.c. To guide the distribution of real property when an individual dies without a will.d. To outline the functions of the executor of an estate.Why are claims against an estate put into an order of priority? Choose the correct.a. To help the executor determine the due date for each claim.b. To determine which claims are to be paid if funds are insufficient to pay all claims.c. To assist in determining which specific assets are to be used to satisfy these claims.d. To list the claims in order of age so that the oldest can be paid first.
- If after paying debts and expenses, the estate principal is not adequate to satisfy the various legacies, the legacies are satisfied to whatever extent possible through the: a. probate process. b. a property devise. c. abatement process. d. legacy process.In which of the following circumstances would the property be deemed to have been disposed of? a. Property sold to a third party. b. Property gifted to another person or charity. c. Property expropriated by a government agency. d. Property redeemed by the issuer, such as bonds or shares.Which of the following items is not charged against the income of an estate? a. Ordinary repairs to income-producing property b. Expenses incurred to protect income flow c. Loss on the sale of an estate asset d. All of the above are charged against the income
- What is the process of abatement? Select one: a.The establishment of how the creditors will be paid. b.Payment of the claims of creditors. c.An attempt to determine the deceased's intentions when the terms of the will are unclear. d.Selling of assets included in an estate to be able to pay creditors. e.A reduction of various bequests when the estate is not adequate to satisfy them completely.Which of the following are characteristics of the probate process? It provides for distribution of property to the ultimate beneficiary in a quick and timely manner. It provides an orderly procedure for the filing and payment of claims. It provides for systematic administration of the decedent's probate estate. It provides for administration of the decedent's estate with the details only available to the public on a strictly need to know basis. A) I and II B) III and IV C) I and IV D) II and IIIWhy are claims against an estate put into an order of priority? To help the executor determine the due date for each claim. To determine which claims are to be paid if funds are insufficient to pay all claims. To assist in determining which specific assets are to be used to satisfy these claims. To list the claims in order of age so that the oldest can be paid first.