Question: a) What is the difference between executor and administrator? I. An Executor is nominated within the Will of a deceased person. II. An Administrator is
a) What is the difference between executor and administrator? I. An Executor is nominated within the Will of a deceased person. II. An Administrator is appointed by a Court to manage or administer a decedents estate if no Will. III. In the case of an Executor, the estate is distributed in accordance with the Will. IV. An Administrator distributes an estate according to the laws of intestate succession i.e. to the decedents statutory next-of-kin (Distribution (Amendment) Act 1997 Malaysia). A) I only B) I & II only C) I & III only D) I, II, III & IV b) Which of the following is/are reasons for an individual to set up a trust for estate planning purposes? I. To avoid probate. II. To reduce estate planning costs. III. To protect vulnerable beneficiaries. A) I only B) I & II only C) I & III only D) I, II, & III
c) Assume that other factors remain constant. Which of the following statement(s) about the succession of the house(s) is/are CORRECT? I. If Mark and his father pass away at the same time, ownership in the house(s) will be distributed according to the Intestates Estates Ordinance. II. If Mark predeceases his father, his share in the house(s) will automatically pass to his father without having to go through the probate process. III. If Marks father predeceases Mark, his share in the house(s) will be distributed between Mick and Mark. A) I only B) I & II only C) I & III only D) II & III only d) D executed a will in 2005 which provides as follows: "Upon my death, my personal representative shall distribute one-half of my estate to my brothers, B1 and B2, and the other half of my estate in equal shares to my friends, F1 and F2." B2 died in 2006. F1 died in 2008. D died in 2010. At the time of his death, D was survived by F2, B1, and the children of B2 and F1. D had no surviving wife or children. Which of the following is CORRECT? A) F1's children will be beneficiaries of Ds estate, but B2s children will not. B) B2's children will be beneficiaries of Ds estate, but F1s children will not. C) F1s children and B2s children will all be beneficiaries of Ds estate. D) B1 will receive one-half of D's estate and F2 will receive one-half of D's estate.
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