Nala exam - Study guides, Class notes & Summaries

CERTIFIED LEGAL MANAGER ALA EXAM NEWEST COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS)

NALA Certified Paralegal Exam Terms and Concepts Questions with complete solution 2023/2024 Estate administration - correct answer The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - correct answer A trust created by the grantor (settlor) and effective during the grantor's lifetime—...

NALA Paralegal Final Certification Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A+ Which of the following are sources of law used in the American Legal System? Statutes, case law, and regulations Statutory Law is created by what branch? It is created by the legislative branch What is case law? What the courts use to interpret and apply the law What is canon law? A legal system used exclusively by religious organizations What is civil law? A legal sys...

Nala Exam Complete Questions And Answers With Verified Tests Only spouses can own assets in this form of co-ownership. The death of one of the spouses will result in the surviving spouse owning the property as a whole. ANS Tenancy by the entirety Co-ownership in which two or more persons own interests in property with right of survivorship. If one owner dies title passes to his heirs or beneficiaries through probate proceedings, not to the surviving co-tenant ANS Joint tenancy Co-owners...

Paralegal NALA Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A+ For federal tax purposes, the default tax classification of a limited liability company that has 1 member is: Disregarded Entity Informed consent involves: The duty of a medical doctor to disclose to the patient relevant information about the benefits and risks of the proposed treatment. Rob Miller is married to Laura Miller. They are approaching their late 40's and Rob decides they shou...

NALA Exam Practice Questions & Answers 2024/2025 Which of the following are sources of law used in the American Legal System? - ANSWERSStatutes, case law, and regulations Statutory Law is created by what branch? - ANSWERSIt is created by the legislative branch What is case law? - ANSWERSWhat the courts use to interpret and apply the law What is canon law? - ANSWERSA legal system used exclusively by religious organizations What is civil law? - ANSWERSA legal system used mainly in...

NALA Exam Bankruptcy Questions & Answers 2024/2025 Purpose of Bankruptcy - ANSWERS-Provide protection to creditors -Provide opportunities for debtors to gain a "fresh financial start" -To help the honest but unfortunate debtor Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) - ANSWERSLegislative act that made many changes and overhaul to the bankruptcy code Changes made: - Created a means test to qualify for bankruptcy - Required credit counseling before...

NALA Exam Practice Questions with 100% Correct Answers 2024

NALA Certified Paralegal Exam Terms And Concepts Questions And Answers The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. ANS Estate administration A trust created by the grantor (settlor) and effective during the grantor's lifetime—that is, a trust not established by a will. ANS inter vivos trus...

Tenancy by the entirety - ANS Only spouses can own assets in this form of co-ownership. The death of one of the spouses will result in the surviving spouse owning the property as a whole. Joint tenancy - ANS Co-ownership in which two or more persons own interests in property with right of survivorship. If one owner dies title passes to his heirs or beneficiaries through probate proceedings, not to the surviving co-tenant Tenancy in common - ANS Co-ownership in which...