Probate Has Some Advantages Over Procedures That Avoid Probate

question 68

Multiple Choice

Probate has some advantages over procedures that avoid probate. Which of the following is an advantage of probate?​

• A)Probate provides an effective method of settling outstanding claims against the deceased person's estate
• B)Probate is generally the fastest and cheapest way to transfer property to heirs.
• C)Probate allows an effective means of allowing the decedent's wishes for burial and donation of internal organs.
• D)Probate is an effective way to reduce fees and taxes.

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Definitions:

General Partners

Individuals in a partnership who are responsible for the management of the partnership, share the profits, and are personally liable for the partnership's debts.

Limited Partnership

A form of partnership consisting of at least one general partner who manages the business and is personally liable for debts, and one or more limited partners who contribute capital and share profits but have limited liabilities.

Control

Control refers to the power to influence or direct people's behavior or the course of events.

Operating Agreement

A legal document outlining the governing procedures and policies of a limited liability company (LLC), including the members' rights, duties, and obligations.