Intestacy - Study guides, Class notes & Summaries

Trust School Study Guide Questions and Answers Rated A+ What is the Depository Trust Company? (Largest holder of trust assets) What are the advantages and disadvantages of probate? Advantage - Court supervised process, Protects Creditors, Bars Future Creditors, Validates Title of property. Disadvantage - Delays, Public (Privacy Issues), Expenses What are the Duties of the Trustee? Duty to administer trust, Duty of loyalty, Duty not to delegate, Duty to keep and render accounts, Du...

Virginia Code - When Intestate Succession Rules Apply correct answers i. decedent left no will; ii. decedent's will is denied probate (will not properly executed/will successfully contested by decedent's heirs); or iii. decedent left a will but the will does not make a complete disposition of the estate (partial intestacy) The omitted spouse statute correct answers spouse who marries testator after will's execution takes intestate share the predetermined child statute correct answers...

Wills and Administration of Estates ⟶ When a person dies, they usually have a will to dispose of their property e.g. “all of my estate to my son, John”. If an individual dies without a will, their property will pass under intestacy rules – they have died “intestate” Property which does NOT pass by will or intestacy ⟶ Some important types of property pass on death independently from the terms of will & intestacy rules. ⟶ When trying to decide who is entitled to take assets fo...

Real Estate Law- Exam #1 ch 1,2,4,5 Questions and Answers Adverse possession - ANS ️️ Method of acquiring ownership to real property by possession for a statutory period of time, usually 7 to 20 years. Color of Title - ANS ️️ A form of adverse possession where the original possession of the property by a prescriber is based upon a written instrument such as a deed or court decree. Conveyance - ANS ️️ The transfer of title or some or all of the ownership rights to real propert...

Topics in Wills and Trusts correct answers 1. Intestate Descent and Distribution 2. Succession Problems Common to Intestacy and Wills 3. Execution of Wills 4. Revocation of Wills 5. Components of a Will 6. Contracts Relating to Wills/Joint Wills 7. Changes in Beneficiaries and Property after Execution 8. Restrictions on the Power of Testation 9. Will Contests 10. Probate and Estate Administration Important Terms for Wills correct answers 1. Probate: Refers to the court proceeding in ...

These are the notes I used during my LPC Private Client exam: - Financial and Estate Planning, Distribution of the Estate, Intestacy Rules, Inheritance Provisions for Family and Dependants Act 1975, Wills Formalities + Drafting and Reading it, Administrative Powers of Trustees and Personal Representatives, Tax, Trusts and Administration of Estate. These notes do not include anything on Powers of Attorney! Please note that these notes were written during the 2020/21 tax year so personal a...

Gift splitting - ANSWER-Allows a married couple to double their allowable annual exclusions is only allowed for married couples Ownership limited to spouses only - ANSWER-Joint tenancy tenancy by the entirety community property Grantor retained interest Trust Grit - ANSWER-Grantor can receive all income earned by the trust Qualified terminable interest Property Trust Q-tip - ANSWER-Income of a Q-tip goes to the grantor's spouse Charitable lead Trust CLT - ANSWER-The income goes to c...

The procedure for a protective services case may include the following: - ans-a report of abuse or suspect abuse, a hearing, and an investigation According to the U.S. Census, there will be how many people over the age of 65 in the United States by 2060? - ans-98.2 million Individuals who pass away without a valid Will are subject to the state's intestacy laws, which essentially act as a Will for the deceased individual. - ans-True Many people are interested in avoiding probat...

Adverse possession - ANSWER Method of acquiring ownership to real property by possession for a statutory period of time, usually 7 to 20 years. Color of Title - ANSWER A form of adverse possession where the original possession of the property by a prescriber is based upon a written instrument such as a deed or court decree. Conveyance - ANSWER The transfer of title or some or all of the ownership rights to real property from one person to another. A conveyance is usually by an instrument s...

Tangible Personal Property - Answer-personal property that can be moved (ex. gold bar, jewelry) Probate Estate - Answer-the property of a decedent that is subject to administration by the executor or administrator of an estate Under joint tenants with rights of survivorship, when one tenant dies which of the following best describes the result? - Answer-Her share passes to the surviving joint tenant regardless of what her will says In cutting down a tree, which of the following occurs? - A...