Probate & Estate Administration Flashcards
6 cards from real CP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Probate & Estate Administration flashcards as text
What is a codicil to a will?
Answer: A legal document that amends or supplements an existing will without replacing it
A codicil amends specific provisions while leaving the remainder intact.
What is ancillary probate?
Answer: A separate probate proceeding in a state where the decedent owned real property but was not domiciled
Ancillary probate is required in a state where the decedent owned real property but was not domiciled.
What is the creditor claims period in probate?
Answer: A statutory period during which creditors must file claims or lose their right to collect
The creditor claims period gives known and unknown creditors limited time to file claims, after which unsubmitted claims are barred.
What is a pour-over will?
Answer: A will directing all estate assets to transfer into an existing living trust at death
A pour-over will works with a living trust, directing assets not already in the trust to pour into it at death.
What is a special needs trust and what purpose does it serve?
Answer: A trust providing for a disabled beneficiary while preserving eligibility for government benefits
A special needs trust enhances quality of life for disabled beneficiaries without disqualifying them from government assistance.
What is an estate inventory and who prepares it?
Answer: A comprehensive list of all assets with appraised values, prepared by the personal representative
The estate inventory details all probate assets and fair market values at death, prepared by the personal representative.