NALA Estate Planning and Probate Questions and Answers

Question 1

An individual appointed by the probate court to manage and distribute the assets of a person who died without a valid will is known as a(n):

Accepted Answer

Administrator

Answer

Trustee

Answer

Executor

Answer

Guardian ad litem

Question 2

A testator executed a valid will five years ago. Now, she wishes to make a minor change to add a new beneficiary without rewriting the entire will. Which legal document should be prepared to accomplish this?

Accepted Answer

A codicil

Answer

A durable power of attorney

Answer

A letter of instruction

Answer

A self-proving affidavit

Question 3

A client's primary goal is to ensure their assets are transferred to their children upon death while avoiding the public, often lengthy, and costly probate court process. Which estate planning tool is most effective for achieving this?

Accepted Answer

A revocable living trust

Answer

A simple will

Answer

Joint tenancy with rights of survivorship for all assets

Answer

A holographic will

Question 4

Which of the following is considered a non-probate asset that passes directly to a designated person by operation of law, rather than through the terms of a will?

Accepted Answer

A life insurance policy with a named beneficiary

Answer

A vehicle titled solely in the decedent's name

Answer

A personal savings account with no named beneficiary

Answer

A piece of real estate owned as a tenant in common

Question 5

If a person dies without a valid will, their property is distributed to their heirs based on state statutes. This legal framework for distribution is known as:

Accepted Answer

The laws of intestate succession

Answer

The doctrine of ademption

Answer

The elective share statute

Answer

The rule against perpetuities

Question 6

After a personal representative is appointed for an estate, one of the first and most critical duties is to provide formal notice to all known and unknown parties to whom the decedent owed money. This formal process is called:

Accepted Answer

Publishing a notice to creditors

Answer

Filing the petition for administration

Answer

Preparing the final accounting

Answer

Distributing assets to beneficiaries