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BUSI 354 Quiz 2 with Answers Liberty University GradeAplus

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Question 1 Which of the following is not a method for transferring property outside of the probate process? Question 2 Which of the following items will pass through probate? Question 3 ... Which of the following empowers an executor to act as the agent of a probate court? Question 4 The probate process is the legal process that performs the function of retitling those assets that do not change title in some other way. Question 5 Which of the following is/are considered a disadvantage(s) of probate? 1. The process can result in delays. 2. The process may be expensive. 3. The process provides clear title to heirs and legatees. 4. The process is open to public scrutiny. Question 6 Jackie and Julie have been in a long-term, non-traditional relationship. Their domiciliary state does not allow or recognize same-sex marriage. Jackie wants to make sure that if she dies first, Julie will be provided for. Which of the following would you be likely to recommend to fulfill Jackie’s goal of transferring assets to Julie at Jackie’s death? Question 7 Chad and Ross (both males) have been involved in an intimate relationship for the past 25 years. Chad’s family is quite wealthy, and has provided Chad with every “extra” in life. Unfortunately, Chad’s family is also very conservative and they do not approve of Chad’s relationship with Ross. Chad was diagnosed with cancer last year and given only 12-15 months to live. Chad plans to leave the substantial wealth he has inherited over the years to Ross. After a few too many glasses of wine last Christmas, Chad’s mother proclaimed, “Chad, I hope you have a great estate planning attorney, because I will spend every penny I have to keep Ross from inheriting a dime from you!” In a fit of rage, Chad has come to you, an estate planning attorney, and asks you to recommend ways he can ensure that Ross will receive his assets. Which of the following would you be least likely to recommend to Chad to meet his objectives? Question 8 If a person dies without a will, a probate court will appoint an executor when the probate process is initiated. Question 9 Creditor protection is one of the disadvantages of the probate process. Question 10 Which of the following assets would pass through probate? Question 11 Uncle Joe died recently leaving two nieces, Rachel and Margaret. Uncle Joe owned the following property at his death. • A house he inherited from his parents. • A car owned by Uncle Joe. • A life insurance policy on his own life. Uncle Joe’s two nieces are the named beneficiaries of the policy. • A 401(k) plan without a listed beneficiary. Uncle Joe’s will left the house to his favorite niece Rachel and the car to his other niece Margaret. He did not use a residuary clause. Which of the following statements is correct? Question 12 Curtis, who was married, recently died owning several assets. Given the asset below, determine whether it should be included in Curtis’ probate estate. His personal residence worth $250,000 titled fee simple. Question 13 Retirement plans, such as IRAs, SEPs, and SIMPLEs, with named beneficiary designations pass outside of the probate process. Question 14 Jaime, a wealthy doctor, wrote a will many years ago after his first child was born. His will leaves his home on Drury Lane to his daughter, Taylor. Jaime sold the home on Drury Lane last year and purchased a new home on Mulberry Lane. The extinction of Taylor’s legacy is called what? Question 15 Nate owns the following property: • A personal residence titled fee simple valued at $500,000. • A $500,000 life insurance policy on his own life. The only named beneficiary is Nate’s brother Jaime, who died 6 months ago leaving two children, Michael and Kristi. • A car valued at $15,000 titled JTRWROS with Nate’s mother. • An IRA valued at $400,000 with Nate’s mother as the named beneficiary. What is the current value of Nate’s probate estate? [Show More]

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