Probate & Estate Administration Flashcards

What is the difference between testate and intestate succession?

Answer: Testate occurs with a valid will, intestate occurs without one

Testate succession follows the will's directions; intestate succession distributes property according to state law.

What is the role of a personal representative (executor/administrator) in probate?

Answer: Manage the estate including collecting assets, paying debts and taxes, and distributing property

The personal representative manages all aspects of estate administration with fiduciary duties to beneficiaries and creditors.

What is a living trust and how does it differ from a testamentary trust?

Answer: A living trust is created during the grantor's lifetime and can avoid probate; a testamentary trust is created by will and takes effect at death

A living trust is established during the grantor's lifetime and avoids probate; a testamentary trust is created within a will.

What is a power of attorney and how many types are there?

Answer: A legal document authorizing someone to act on another's behalf; types include general, limited, durable, and springing

A power of attorney authorizes an agent to act on the principal's behalf, with several types serving different purposes.

What is the elective share in probate law?

Answer: A statutory right allowing a surviving spouse to claim a minimum percentage of the estate regardless of the will

The elective share protects surviving spouses by allowing them to claim a statutory minimum, even if the will leaves them less.

What are the formal requirements for a valid will in most states?

Answer: Legal age and sound mind, in writing, signed by the testator, and witnessed by at least two competent witnesses

Most states require legal age, testamentary capacity, writing, testator's signature, and at least two disinterested witnesses.