OR Bar Wills Trusts and Estates 1 — Questions and Answers
Question 1: What is the purpose of probate?
- To validate the will, identify assets, pay debts, and distribute the estate under court supervision (Correct answer)
- To create a will after death
- To automatically transfer property to the spouse
- Only to determine estate tax liability
Correct answer: To validate the will, identify assets, pay debts, and distribute the estate under court supervision
Probate is the court-supervised process of proving the will's validity, inventorying the estate, paying creditors and taxes, and distributing remaining assets to beneficiaries.
Question 2: What is intestate succession?
- The distribution of a deceased person's property according to state law when there is no valid will (Correct answer)
- A method of inheriting property from international relatives
- A type of trust arrangement
- Distribution based on the deceased's verbal wishes
Correct answer: The distribution of a deceased person's property according to state law when there is no valid will
When someone dies without a valid will (intestate), state intestacy statutes determine how their property is distributed, typically prioritizing surviving spouses and descendants.
Question 3: What is a testamentary trust?
- A trust created by the terms of a will that takes effect upon the testator's death (Correct answer)
- A trust that can be modified during the grantor's lifetime
- A trust created by a court order
- A trust that exists before the will is written
Correct answer: A trust created by the terms of a will that takes effect upon the testator's death
A testamentary trust is established through provisions in a will and only comes into existence upon the testator's death, subject to the probate process.
Question 4: What is a fiduciary duty in estate administration?
- The legal obligation to act in the best interest of the beneficiaries with loyalty and care (Correct answer)
- A duty to maximize estate taxes
- An obligation to distribute assets as quickly as possible
- A requirement to hire a professional financial advisor
Correct answer: The legal obligation to act in the best interest of the beneficiaries with loyalty and care
Fiduciary duty requires trustees and executors to act with loyalty, prudence, and care in managing estate assets solely for the benefit of the beneficiaries.
Question 5: What is the elective share for a surviving spouse?
- A statutory right to claim a minimum portion of the deceased spouse's estate regardless of the will (Correct answer)
- The spouse's first choice of personal property items
- An optional bequest that the spouse may accept or decline
- The share determined by the prenuptial agreement
Correct answer: A statutory right to claim a minimum portion of the deceased spouse's estate regardless of the will
The elective share allows a surviving spouse to claim a statutory minimum percentage of the estate, overriding the will if necessary to prevent disinheritance.
Question 6: What are the grounds for contesting a will?
- Lack of testamentary capacity, undue influence, fraud, or improper execution (Correct answer)
- Disagreement with the distribution amounts
- The beneficiary's belief they deserve more
- Filing after the probate deadline has passed
Correct answer: Lack of testamentary capacity, undue influence, fraud, or improper execution
Wills can be contested on grounds including the testator's mental incapacity, undue influence by a beneficiary, fraud or forgery, or failure to meet formal execution requirements.
OR Bar Wills Trusts and Estates 1
What is the purpose of probate?