Dan Dies Without a Valid Will in a State That

question 36

Multiple Choice

Dan dies without a valid will in a state that uses the Uniform Probate Code.Which of the following is correct?

• A) If there are no children and no surviving parents,Dan's widow is entitled to the entire estate.
• B) The surviving spouse is entitled to the entire estate regardless of other possible heirs.
• C) If Dan has a parent surviving as well as a wife,then Dan's parent will get one-half of the estate remaining after payment of $50,000 to the wife.
• D) If Dan is survived by his wife and two children from a previous marriage,his wife is entitled to the first $200,000 plus half of the remaining estate.

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Definitions:

Debt Investments

Investments made in securities that require the issuer to repay the principal along with interest.

Cash Equivalents

Short-term, highly liquid investments that are readily convertible to known amounts of cash and close to their maturity.

Internal Audits

Evaluations conducted internally to assess the effectiveness of a company's operations, controls, and compliance with regulations and policies.

Collusion

An illegal agreement between parties to deceive or defraud others, often involving price-fixing or the manipulation of markets.