Your Real and Personal Property That Can Be Transferred According

question 39

Multiple Choice

Your real and personal property that can be transferred according to the terms of a will is called your

• A) gross estate.
• B) probate estate.
• C) net estate.
• D) estate.
• E) proper estate.

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Definitions:

Consolidation

The process of combining two or more entities into one, often to streamline operations and reduce costs.

Absorbed Corporation

A company that has been merged into another entity, losing its previous separate identity.

Merger

The combination of two or more companies into a single entity, where one survives and the others cease to exist.

Bankruptcy

A legal process by which individuals or other entities who cannot repay debts to creditors seek relief from some or all of their debts.