Chapter 04: The Probate Process

Chelsey inherited the property listed below from her father upon his death. Which of the following property interests passed to her through probate?

Chelsey’s father’s community property share of a vacation property.

Which of the following is considered an advantage of the probate process?

Heirs receive property with clear title.

Cedric’s executor has located all of his property. Given the following property listing, what is the total value of Cedric’s probate estate?

$24,000.

If Kenzie died with each of the following property interests, which will be excluded from her probate estate?

Death proceeds of life insurance payable to a living stranger.

Which of the following is generally included in a decedent’s probate estate?

Sole ownership specifically bequeathed in a decedent’s will.

Which of the following statements is correct about the probate process?

If a federal estate tax return is required to be filed, the executor must provide basis information to the IRS.

Sully died owning the following property. Which would not be included in Sully’s probate estate?
1.  A certificate of deposit, in Sully’s name, at the local bank.
2.  An interest in investment real estate held tenancy in common with Sully's son.
3.  Retirement plan proceeds made payable to Sully’s daughter.
4.  A mountain vacation home Sully owns jointly (JTWROS) with his wife.

3, 4

Parker lives in Florida and dies at age 71. He has the following assets:

Which of Parker’s assets have to be retitled through Florida probate?

The Porsche.

Bentley's attorney has advised him to set up trusts to avoid probate. Which of the following statements regarding the probate process is not correct?

The probate process is confidential.

Which of the following is a disadvantage of the probate process?

The probate process requires several court filings.

Which of the following statements is correct?

A person who receives property under the state intestacy laws is called an heir.

Many financial advisors believe that the best estate plan excludes as many assets as possible from the probate estate. Which of the following statements justifies this belief?

The probate estate is filed with the court and can become public knowledge.

Tristan lives in Texas, which is a community property state. He dies at age 55. He has the following assets:

Which of Brody’s assets have to go through Texas probate?

The home, the Audi, and the furnishings.

Cammie owns the following property:

Which of the following is included in Cammie's probate estate?

Home and stock in ABC Corp.

All of the following statements are correct except:

A person who dies with a valid will is said to die intestate.

Which of the following items will pass through probate

Life insurance policy with no designated beneficiary.

Krista would like to reduce the risk of public scrutiny of her assets at her death. Which of the following would not help Krista accomplish this goal?

Include a specific bequest of each and every item Krista owns in her will.

Which of the following property interests of a decedent will avoid probate?

Proceeds of life insurance payable to the decedent’s living son.