Nate owns the following property:

A personal residence titled fee simple valued at $500,000.

A $500,000 life insurance policy on his own life. The only named beneficiary is

Nates brother Jaime, who died 6 months ago leaving two children, Michael and

Kristi.

A car valued at $15,000 titled JTRWROS with Nates mother.

An IRA valued at $400,000 with Nates mother as the named beneficiary.

What is the value of Nates probate estate?

A. $500,000.

B. $1,000,000.

C. $1,400,000.

D. $1,415,000.

Which of the following is/are always true about wills?

I. A will transfers all of the decedents assets.

II. A will only takes effect when the decedent dies.

III. A will names an Administrator for the estate.

A. I and II only

B. II and III only

C. II only

D. I, II and III