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ch19 - ch19 1 When a person dies without leaving a valid...

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ch19 1. When a person dies without leaving a valid will, how is the distribution of his or her property determined? A. In accordance with federal inheritance laws. B. In accordance with generally accepted accounting principles. C. In accordance with a plan developed by the executor of the estate. D. In accordance with state inheritance laws. E. In accordance with common law. 2. Under what circumstance does an estate have an executor? 3. When an estate does not have sufficient assets to satisfy all claims against it, what claim has the highest priority? 4. What is the process of abatement ? 5. A demonstrative legacy is a A. gift of personal property that is directly identified. B. cash gift from a particular source. C. gift of estate property that remains after carrying out the other provisions of the will. D. gift of real property. E. gift of intangible property. 6. In a will, a devise is a
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7. What guidelines must be followed to classify a transaction as associated with the principal of an estate or as an income transaction? 8. Executor's fees and court costs for settling an estate usually
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