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.
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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. |
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- What guidelines must be followed to classify a transaction as associated with the principal of an estate or as an income transaction? Select one: a.The decedent's intentions or state laws b.Generally accepted accounting principles c.The Internal Revenue Code d.State estate laws e.Federal estate lawsa. 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?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.
- All of these statements about the selection of a fiduciary are correct EXCEPT A) an individual fiduciary is more likely to be appropriate for the administration of a small estate or trust. B) only an institutional fiduciary is duty-bound to avoid a conflict of interest. C) both an individual and institutional fiduciary owe a duty of impartiality in balancing the needs of the beneficiaries for income and capital appreciation. D) an institutional fiduciary is more likely to have the financial and managerial sophistication needed to exercise independent judgment.Under what circumstances does an estate have an executor? Select one: a.When the estate exceeds the dollar amount of the estate tax exemption. b.When the will establishes a trust fund. c.When there is no valid will. d.When the will is contested. e.When the will names a specific person to administer the estate.A grantor is disallowed from doing which of the following in a grantor trust? Avoiding taxation until the trust is revoked. Controlling the disposition of trust property. Distributing current income to the grantor or grantor's spouse. Revoking or modifying the trust.
- Which of the following is not a goal of probate laws? Choose the correct.a. To gather and preserve all of the decedent’s property.b. To ensure that each individual produces a valid will.c. To discover the decedent’s intent for property held at death and then to follow those wishes.d. To carry out an orderly and fair settlement of all debts and distribution of property.5. Income received by the estate during the period of administration or settlement of the estate, for tax purposes is known as: Income of the state Income of the testator Income of the trustee Income of the heirsA court will appoint a trustee. True or False