CP Probate & Estate Administration 2

Question 1

What is the difference between testate and intestate succession?

Accepted Answer

Testate occurs with a valid will, intestate occurs without one

Answer

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

Question 2

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

Accepted Answer

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

Answer

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

Question 3

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

Accepted 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

Answer

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

Question 4

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

Accepted Answer

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

Answer

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

Question 5

What is the elective share in probate law?

Accepted Answer

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

Answer

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

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