1. Which of the following is not a true statement? Testate refers to a person having a valid will. b. a. The laws of desce nt convey personal property if an individual dies without a valid will. Intestate refers to a person having no valid will d. A specific legacy is a gift of personal property that is specifically identif ed 2. Why might real estate be omitted from an inventory of estate property? a. Real estate is subject to a separate inheritance tax b. State laws prohibit real property from being conveyed by an estate. State laws require a separate listing of all real estate. 1 estate is considered to be conveyed directly to a beneficiary at the time of death. 3. What is the purpose of the laws of distribution? a. To guide the distribution of personal property when an individual dies without a will. b. To verify the legality of a will, especially an oral will. c. To guide the distribution of real property when an individual dies without a wil d. To outline the functions of the executor of an estate A deceased individual owned a bond. Which of the following is included in the estate principal? a. All interest collected prior to distributing the bonds to a beneficiary is considered part of the estate principal. Only the first cash payment after death is included in the estate principal. Interest that was not collected prior to death is excluded from the estate principa Interest earned prior to death is considered part of the estate principal even if recei b. c. death. 5. Which of the following is not a goal of probate laws? a. To gather and preserve all of the decedent's property b. To ensure that each individual produces a valid will To discover the decedent's intent for property held at death and then to follow those wishes d. To carry out an orderly and fair settlement of all debts and distribution of property 6. How are claims against a decedent's estate discovered by an exec utor? a. Public notice must be printed in an appropriate newspaper to alert all possible claimants. b. The executor waits for nine months until all possible bills have been received. The executor directly contacts all companies that the decedent did business with. d Claims the estate is to pay are limited to all of the bills received but not paid prior to the C. date of death