OK Bar Wills Trusts and Estates

Question 1

What is the purpose of probate?

Accepted Answer

To validate the will, identify assets, pay debts, and distribute the estate under court supervision

Answer

To create a will after death

Answer

To automatically transfer property to the spouse

Answer

Only to determine estate tax liability

Question 2

What is intestate succession?

Accepted Answer

The distribution of a deceased person's property according to state law when there is no valid will

Answer

A method of inheriting property from international relatives

Answer

A type of trust arrangement

Answer

Distribution based on the deceased's verbal wishes

Question 3

What is a testamentary trust?

Accepted Answer

A trust created by the terms of a will that takes effect upon the testator's death

Answer

A trust that can be modified during the grantor's lifetime

Answer

A trust created by a court order

Answer

A trust that exists before the will is written

Question 4

What is a fiduciary duty in estate administration?

Accepted Answer

The legal obligation to act in the best interest of the beneficiaries with loyalty and care

Answer

A duty to maximize estate taxes

Answer

An obligation to distribute assets as quickly as possible

Answer

A requirement to hire a professional financial advisor

Question 5

What is the elective share for a surviving spouse?

Accepted Answer

A statutory right to claim a minimum portion of the deceased spouse's estate regardless of the will

Answer

The spouse's first choice of personal property items

Answer

An optional bequest that the spouse may accept or decline

Answer

The share determined by the prenuptial agreement

Question 6

What are the grounds for contesting a will?

Accepted Answer

Lack of testamentary capacity, undue influence, fraud, or improper execution

Answer

Disagreement with the distribution amounts

Answer

The beneficiary's belief they deserve more

Answer

Filing after the probate deadline has passed