The Probate Estate Consists of All Property Owned by the Decedent

question 65

True/False

The probate estate consists of all property owned by the decedent that is excluded from the gross estate.

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Definitions:

Market-Share Liability

A legal theory holding manufacturers proportionately liable for damages based on their market share of a harmful product.

Prescription Drugs

Medications that are legally dispensed only with a medical prescription due to their potential side effects or risk of misuse.

Product Caused Injury

Refers to harm that results from the use of a manufactured item, often leading to legal action based on claims of negligence or defects.

Strict Product Liability

A legal doctrine that holds sellers, distributors, or manufacturers liable for distributing a defective product to a consumer.