In Reference to Estates,which of the Following Statements Is Correct

question 1

Multiple Choice

In reference to estates,which of the following statements is correct?

• A)An estate comes into existence at the death of an individual.
• B)If the deceased person had a valid will at the time of death,he or she is said to have died intestate.
• C)The heir receiving the largest portion of the estate is typically appointed the executor.
• D)Claims may be made for up to seven years against an estate.

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Definitions:

Lienholder

A party that has a legal right or interest in a piece of property as security for a debt or charge.

Lien

A legal right or interest that a creditor has in the debtor's property, usually lasting until the debt that it secures is paid.

Legal Action

The process of seeking judicial intervention to enforce or protect a right through a lawsuit or other legal means.

Surety

A guarantee, typically by a third party, ensuring the fulfillment of an obligation or the performance of a contract.