Answer the following statements true (T) or false (F)
1. A surcharge is imposed against the personal representative to restore the estate’s losses as a result of the personal representative’s failure to act appropriately
2. A personal representative must fulfill his obligations until either removed or discharged by the probate court.
3. Prior to completing her fiduciary duties, a personal representative may only be discharged if she dies.
4. If a personal representative acts reasonably and in good faith, he will not be held personally liable for an estate's decrease in value or loss of an asset due to an unforeseen circumstance.
5. In states with a bond provision for personal representatives, this requirement may be waived if the testator put a clause in the will excusing it.
1. T
2. T
3. F
4. T
5. T
You might also like to view...
What standard of constitutional review is applied to sex-based discrimination?
A) Strict Scrutiny B) Intermediate Scrutiny C) Rational Basis D) Discriminatory Impact
What is a Pre-client file?
What will be an ideal response?
Under Rule 26, for each document that is withheld on the basis of privilege, the withholding party must
a. provide a detailed outline of all the information contained in the document. b. describe the nature of the item in a way that allows the other party to evaluate the claim of privilege. c. reveal exactly what information is privileged or protected. d. never disclose any information about the document.
Which is not an advantage to sprinkling trust or spray trust?
a. Allows the trustee the ability to distribute the trust assets to the beneficiaries the trustee believes are most deserving and needy b. Allows for unforeseen or unwelcome events at the time of the trust’s execution. c. Allows the trustee to distribute income to those beneficiaries in lower tax brackets, saving trust assets from income tax d. Gives rise to lawsuits in which the beneficiaries claim the trustee shows favoritism