When a person dies without leaving a valid will, how is the distribution of his or her property determined?
Group of answer choices
In accordance with state inheritance laws
In accordance with federal inheritance laws.
In accordance with generally accepted accounting principles.
In accordance with a plan developed by the executor of the estate.
Flag question: Question 2
Question 21 pts
Under what circumstance does an estate have an executor?
Group of answer choices
When the will names a specific person to administer the estate.
When there is no valid will
When the estate exceeds the dollar amount of the estate tax exemption
When the will establishes a trust fund
Flag question: Question 3
Question 31 pts
When an estate does not have sufficient assets to satisfy all claims against it, what claim has the highest priority?
Group of answer choices
Expenses of administering the estate
Federal income taxes.
State income taxes.
Medical expenses of the final illness.
Flag question: Question 4
Question 41 pts
What is the process of abatement?
Group of answer choices
A reduction of various bequests when the estate is not adequate to satisfy them completely
An attempt to determine the deceased's intentions when the terms of the will are unclear
Selling of assets included in an estate to be able to pay creditors
Payment of the claims of creditors.
Flag question: Question 5
Question 51 pts
A demonstrative legacy is a
Group of answer choices
Cash gift from a particular source
Gift of personal property that is directly identified.
Gift of estate property that remains after carrying out the other provisions of the will.
Gift of real property