Knowledge Check 8.2 1 point What is probate? The legal process of validating a will and distributing assets. Only applicable to real estate assets. A tax on the deceased's estate. The distribution of assets without any legal process. Clear my selection
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When someone dies without a will, the state distributes property according to rules set up by the state, decisions by a court-appointed administrator, the wishes of the deceased if known, and the wishes of the family.
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What are the responsibilities of an executor? Check all that apply. Paying any taxes that are due on the estate, taking inventory of the property and belongings, appraising and distributing the deceased person's assets, settling any debts that are owed by the deceased, inheriting assets named in a will if the first choice cannot, acting on someone's behalf if he or she becomes sick or injured.
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6d If there are multiple executors, check and attach a list showing the names, addresses, telephone numbers, and SSNs of the additional here executors. 7a Name and location of court where will was probated or estate administered 7b Case number 8 If decedent died testate, check here and attach a certified copy of the will 9 If you extended the time to file this Form 706, check here 10 If Schedule R-1 is attached, check here 11 If you are estimating the value of assets included in the gross estate on line 1 pursuant to the special rule of Reg. section 20.2010-2(a)(7)(ii), check here 1 Total gross estate less exclusion (from Part 5—Recapitulation, item 13) 1 2 Tentative total allowable deductions (from Part 5—Recapitulation, item 24) 2 3a Tentative taxable estate (subtract line 2 from line 1) 3a 0 b State death tax deduction 3b c Taxable estate (subtract line 3b from line 3a) 3c 0 4 Adjusted taxable gifts (see instructions) 4 5 Add lines 3c and 4 5 6 Tentative tax on the amount on line 5 from Table A in the instructions 6 7 Total gift tax paid or payable (see instructions) 7 8 Gross estate tax (subtract line 7 from line 6) 8 0 9a Basic exclusion amount 9a b Deceased spousal unused exclusion (DSUE) amount from predeceased spouse(s), if any (from Section D, Part 6—Portability of Deceased Spousal Unused Exclusion) 9b c Restored exclusion amount (see instructions) 9c d Applicable exclusion amount (add lines 9a, 9b, and 9c) 9d 0 e Applicable credit amount (tentative tax on the amount in line 9d from Table A in the instructions) 9e 10 Adjustment to applicable credit amount (May not exceed $6,000. See instructions.) 10 11 Allowable applicable credit amount (subtract line 10 from line 9e) 11 0 12 Subtract line 11 from line 8 (but do not enter less than zero) 12 0
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