Estate Planning and Probate Flashcards
7 cards from real CLA/CP Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Estate Planning and Probate flashcards as text
Which type of joint tenancy feature automatically transfers a deceased owner's share to surviving co-owners?
Answer: Right of survivorship
The right of survivorship in joint tenancy causes a deceased co-owner's interest to automatically vest in surviving joint tenants without probate.
What is the primary purpose of a spendthrift clause in a trust?
Answer: To prevent beneficiaries from assigning their interest to creditors
A spendthrift clause prohibits beneficiaries from voluntarily transferring their interest and shields it from most creditor claims before distribution.
Under federal estate tax law, the unlimited marital deduction applies to transfers made to:
Answer: A U.S. citizen spouse
The unlimited marital deduction allows an unlimited amount to pass estate-tax-free to a surviving spouse who is a U.S. citizen.
A Qualified Terminable Interest Property (QTIP) trust is most commonly used to:
Answer: Provide income to a surviving spouse while controlling remainder beneficiaries
A QTIP trust qualifies for the marital deduction and provides income to the surviving spouse, but the grantor controls who receives remaining assets at the spouse's death.
Which probate procedure is typically available for small estates and eliminates formal court supervision?
Answer: Summary administration
Summary administration (or small estate affidavit procedures) allows heirs to collect assets without full probate when the estate value falls below a statutory threshold.
What distinguishes a specific bequest from a general bequest in a will?
Answer: A specific bequest identifies a particular item, while a general bequest is paid from estate assets generally
A specific bequest identifies an exact asset (e.g., 'my 2020 Rolex watch'), while a general bequest directs payment of a sum or asset type from the estate at large.
What is the legal effect of ademption in estate law?
Answer: A specific gift fails because the property no longer exists in the estate at death
Ademption occurs when a specifically bequeathed item is no longer part of the estate at death, causing the gift to fail and the beneficiary to receive nothing.